FamPay raised ₹281 Crores as Series A funding
FamPay, based in Bangalore, announced that company had raised $38 million in a Series A round headed by Elevation Capital. The new round included existing investors Sequoia Capital India, Y Combinator, Global Founders Capital, and Venture Highway, as well as new investors General Catalyst, Rocketship VC, Greenoaks Capital, and existing investors Sequoia Capital India, Y Combinator, Global Founders Capital, and Venture Highway.
FamPay is targeted at teenagers and solves the problem of pocket money management for parents and ease of payments for teenagers.
FamPay users get their own UPI id and Numberless cards for ease of payments and parents get a dashboard to monitor the spending of their children.
FamPay was part of YC batch of 2019 and is founded by Kush Tanega an ex-Hotstar & Sambhav Jain an ex-Sharechat employee. Both of them were batchmates at IIT Roorkee.
Neo Banks in India is gaining a good amount of traction with tier 1 Vcs taking interest in the use-cases and making the funds more easily accessible.
Other notable Neo-Banks in India are:
With rapid growth digital penetration, Neo Banks will a sector to watch out for in the Indian fintech space.
FamPay also competes with children focused fintech startups Walrus & Junio