Indian fintech start-up FamPay lands $38m in Series A round
FamPay, a fintech start-up aiming to build India’s first neobank for teenagers, has raised $38 million in its Series A funding round.
FamPay founders Sambhav Jain and Kush Taneja
The Bengaluru-based firm, which has crossed 2 million registered users in the eight months since its launch, plans to use the latest round of funding to build its leadership team and fuel further growth.
The round was led by Elevation Capital, with participation from existing investor Sequoia Capital India and other early investors.
“We are thrilled to welcome new investors and to see the confidence of our early investors reinforced during this round,” says Sambhav Jain, co-founder of FamPay.
“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.”
The FamPay app allows users to make online and offline payments with its built-in digital payments card FamCard, without the need to set up a bank account.
Targeted at teenagers, they must provide their parent’s consent to start using the app and start making payments.
In addition to payment products, FamPay also offers gamified savings experiences and an in-app community.
Kush Taneja, co-founder of FamPay, says: “FamCard is the first card a teen ever holds and they remember it as their first bicycle or phone.
“It’s their first step at being responsible with money, their first step into adulthood. We plan to stay with them from this first step throughout their financial journey by evolving the product as they grow.”
