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Woli selects Paynetics for embedded payment accounts and Visa card

Source: Paynetics

Woli, the money management platform that provides children and teenagers with the tools to manage their finances, is partnering with Paynetics, one of Europe’s leading providers of embedded finance, to power their payment accounts and Visa cards.

As Woli scales across Europe, Paynetics offers the agility and speed crucial for growth in a competitive market. This collaboration ensures Woli’s adherence to the rigorous Regulatory & Compliance framework and leverages Paynetics’ robust and scalable financial infrastructure.

This partnership goes beyond transactions, creating an environment where practical financial education thrives, in an era where economic uncertainty is prevalent. By leveraging Paynetics’ flexible financial framework, Woli embeds critical financial education seamlessly into the user experience, preparing the younger generation to confidently manage their finances amidst the complexities of today’s economic landscape.

Vasilis Zoupas, CEO and Co-Founder at Woli said: “We’re extremely excited to be working with Paynetics - a leader in embedded finance. Financial literacy amongst the youth is something that we’re very passionate about and this partnership has not only allowed us to provide a workable and flexible platform while overcoming the challenges of building products quickly but also affords us the opportunity to scale our business across Europe and the UK.”

Ivo Gueorguiev, Co-Founder at Paynetics UK, added: We are delighted to be collaborating with Woli. With financial literacy rates across the population frighteningly low, improving financial literacy among youth is more important now than ever. By pivoting to Paynetics, Woli is in good stead as it continues to empower children and teens to manage their finances. We look forward to working with Woli as it supports parents in teaching kids how to be financially responsible.”

Woli has obtained a license as an e-money distributor from the Bank of Lithuania, and successfully launched on Paynetics in October 2023 - a few short months after the partnership was confirmed.

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