General Catalyst, Rocketship VC, Greenoaks Capital and existing investors Sequoia Capital India, Y Combinator, Global Founders Capital and Venture Highway also participated in the new round, which brings FamPay’s to-date raise to USD 42.7 million.
The startup aims to provide financial literacy to teenagers, who additionally have limited options to open a bank account in India at a young age. Through gamification, the startup said it’s making lessons about money fun for youngsters.
After gathering the consent from parents, FamPay provides teenagers with an app to make online purchases, as well as plastic cards for offline transactions. Parents credit money to their children’s FamPay accounts and get to keep track of high-ticket spendings.
The startup, which has amassed over 2 million registered users, plans to deploy the fresh capital to expand its user base and product offerings, and hire engineers.
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