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FypMoney funding

Gurugram-based fintech platform, FypMoney app, has raised $2 million in a seed funding round from angel investors including Liberatha Kallat, Mukesh Yadav, and Dinesh Nagpal. 

Owned and run by Pockket Payment Technologies Pvt Ltd, the startup strives to encourage the acceptance of digital money transactions for teenagers and is ready to roll out its exclusive Fyp Money app for teenagers in June 2021.

Speaking about the investment, Kapil Banwari, Founder, FypMoney, said, “The seed funds raised will be utilized on product development, team building, and executing marketing and growth plan. We are targeting one million users by the end of this financial year. And in the next three years, the plan is to acquire five million users. We would be raising another round of investment by the end of the year to achieve our five million user goal. At present, we are in the product development stage.”

Liberatha Kallat, one of the angel investors, added, “We liked the idea as this is capturing the segment which is not completely tapped and we see huge potential. The platform will help teenagers learn and find aspects of personal finance, empowering teenagers with their own accounts will create a new segment of users and open opportunities in the market. Once we see the penetration and usage, we plan to invest further to develop and enhance additional features in the platform.”

The chief product features are seamless online prepaid account opening and online KYC in 3-5 minutes; issuance of a virtual debit card immediately with an option to order physical cards for offline payments and above all easy UPI transactions. 

Talking about the product, Kapil said, “Indian parents focus towards high-end child literacy. However, they often ignore financial education and literacy. With the FypMoney app, we wish to bridge this gap and help the parents to teach “financial literacy” and the importance of wise savings, money management and financial discipline at an early age to their kids. With the help of this card, which is specially designed and is adapted as per teenagers’ requirements, children don’t have to depend on their parents for digital payments anymore.”

According to the startup, India has about 250 million population in the age group of 11- 19 years with an estimated 15-20 percent mobile phone users, which is swiftly rising. While the need for such a service was always there, Kapil Banwari states that the change in behavior in the COVID months furthered it. 

The FypMoney app claims to be striving to place itself on four main pillars: earning, wise spending, saving, and investing. The overall product development is happening keeping in mind all the financial aspects are included to give complete financial literacy exposure to the teenagers.

FypMoney is empowering several teenagers across the country with financial literacy and secure financial transactions. The latest funding would help the company in scaling its business.

Shishir Gupta, Founder and CEO, StartupLanes

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