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Fampay funding

fampay funding

FamPay, a Bangalore-based startup enables teens to track and make online payments through their app FamPay app and FamCard without having to set up a bank account.

This fin-tech startup focused on teens, cleared a Series A funding round with a funding of $38 million. This Series A funding round was led by their existing investor Sequoia Capital India, and Elevation Capital.

In their recent press release, this startup said that investors like Greenoaks Capital, Rocketship VC, General Catalyst joined the team of investors which included players like Y Combinator, Venture Highway, and Global Founders Capital.

In an interview with YourStory, the company unfolded that their latest round of fundraising would enable them to build their leadership team and upscale better. Moreover, with more funding, they can draw more customers through various marketing techniques and launch new features on its platform.

In the coming weeks, the startup is set to roll out new features and products financial literacy games that can help teens familiarise themselves with financial terms; new FamCards; and an in-app commerce feature that will enable consumer brands looking to target the teenage segment to sell directly on the FamPay app.

Ed-Tech startups Unacademy and Front Row, and Man Matters, a health and wellness company for men, has explored affiliate marketing partnerships with FamUp.

“With around 40% of the Indian population being below 18, every year millions of new teenagers will start using their first smartphone, and FamPay envisions becoming their go-to brand. By connecting with the young, we are building an early relationship with future adults most brands eventually want to tap, making FamPay the gateway for brands to target GenZ,” Sambhav Jain, Co-founder of FamPay said in a press statement.

With 2 million users on its platform currently, The startup is growing at a month-to-month 100% rate. Moreover, the FamPay products like the app and its numberless cards help teens carry out online/offline transactions (with the consent of their parents, of course). With FamPay you do not need to open a separate bank account.

This startup’s goal is to create a generation who are financially aware and savvy. Understanding the fundamentals of personal finance can help teenagers turn into a more responsible adults with the ability to take financial decisions independently.

Established by two IIT Roorkee graduates, the startup has raised $4.9 in funding so far. Investors like a Sequoia, Venture Highway, Soma Capital, and Y Combinator have shown the path to others.

“India today has a sizeable population of 250 million adolescents, and we believe that catering to this unserved audience with innovative products contextualized to their needs and behaviors will create a very valuable business”, said Mridul Arora, partner at Elevation Capital.

witch co-founder Kevin Lin, Robinhood co-founder Vladimir Tenev, CRED founder Kunal Shah and Pine Labs CEO Amrish Rau were some of the prominent angel investors that FamPay witnessed in their seed round.

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