Teen-focused fintech startup FamPay mentioned on Wednesday it has raised $38 million in a Series A funding round, led by Elevation Capital and current investor Sequoia Capital India.Other buyers similar to Y Combinator, Venture Highway, Global Founders Capital, in addition to new buyers together with General Catalyst, Rocketship VC, and Greenoaks Capital additionally participated in the round, the startup mentioned in a press launch.The Bengaluru-based agency will use funds from the most recent round to construct its management workforce and gas additional development, which incorporates capturing extra customers by way of advertising and marketing efforts, and launching new options on the platform, the corporate instructed YourStory in an interview.Some new options and merchandise the startup mentioned it’s set to roll out in the approaching weeks embrace monetary literacy video games that may assist teenagers familiarise themselves with monetary phrases; new FamCards; and an in-app commerce characteristic that can allow shopper manufacturers seeking to goal the teenage phase promote immediately on the FamPay app.Brands the startup has explored internet online affiliate marketing partnerships with embrace edtech startups Unacademy and Front Row, and Man Matters, a well being and wellness firm for males, amongst others, the startup instructed YourStory. FamPay founders”With round 40 p.c of the Indian inhabitants being under 18, yearly thousands and thousands of recent youngsters will begin utilizing their first smartphone, and FamPay envisions changing into their go-to model. By connecting with the younger, we’re constructing an early relationship with future adults most manufacturers ultimately wish to faucet, making FamPay the gateway for manufacturers to focus on GenZ,” Sambhav Jain, Co-founder of FamPay mentioned in a press assertion.The startup has over two million customers on its platform at the moment, averaging 100% month-on-month development. FamPay’s app and its numberless card assist teenagers perform transactions on-line, in addition to offline, with consent from their mother and father. The app doesn’t require a separate checking account to be opened.FamPay says its aim is to create a era of financially conscious and savvy people who perceive the basics of private finance, and may take necessary monetary selections independently.Excluding the most recent round, the startup, based in 2019 by two IIT Roorkee graduates, has raised $4.9 million in funding to this point, from buyers together with Sequoia, Venture Highway, Soma Capital, and Y Combinator.”India at this time has a sizeable inhabitants of 250 million adolescents, and we consider that catering to this unserved viewers with progressive merchandise contextualised to their wants and behaviours will create a really precious enterprise”, mentioned Mridul Arora, companion at Elevation Capital.FamPay’s seed round additionally noticed participation from outstanding angel buyers similar to Twitch co-founder Kevin Lin, Robinhood co-founder Vladimir Tenev, CRED founder Kunal Shah and Pine Labs CEO Amrish Rau.
