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Junio appears to digitise pocket cash by its good playing cards for youngsters learning in grades Four to 10
The corporate says that it’s trying to enhance monetary literacy and construct spending self-discipline in kids at an early age
The funds will probably be utilized to reinforce the corporate’s product growth and buyer acquisition initiatives
Fintech startup Junio is elevating $three Mn for its seed funding spherical even earlier than the launch of its monetary planning product targetted at youngsters. The corporate, bootstrapped till now, says that the spherical can be led by marquee institutional traders, with participation from angel traders — nevertheless, it didn’t disclose the names of the traders.
Based by former Paytm alumni Shankar Nath and Ankit Gera in September this yr, Junio appears to digitise pocket cash by its ‘digital pocket good playing cards’ for youngsters learning in grades Four to 10.
The funds will probably be utilized to reinforce the corporate’s product growth and buyer acquisition initiatives. The product is predicted to be launched in January 2021.
Junio’s good playing cards are claimed to be like ATM playing cards and assist kids store on-line and at bodily shops. The corporate says that it’s trying to enhance monetary literacy and construct spending self-discipline in kids at an early age.
“Junio allows immediate switch of pocket cash from dad and mom to their kids. It acts as a wise card and permits youngsters to make bodily and digital purchases. With the launch of Junio in January 2021, our intention is to create a neighborhood of financially good and empowered younger technology. The goal is to deploy 2 lakh good playing cards pan India by the top of 2021,” mentioned cofounder Ankit Gera.
Along with the good playing cards, the Junio app would permit dad and mom to maintain monitor of the spending of their kids. The dad and mom would additionally be capable to set ATM withdrawal limits for his or her kids who’re utilizing Junio good playing cards, in addition to cancel the cardboard.
“Children-focused fintech is a brand new idea in India and an area that’s unexplored. What’s most spectacular is Junio’s method to fulfill the wants of the millennials who’re inclined in the direction of the digital world, purchasing on-line utilizing their mum or dad’s debit/bank card,” mentioned Dib Chaudhuri, a Singapore-based serial entrepreneur and angel investor.
Whereas fintech companies and merchandise concentrating on kids kind a comparatively untapped market in India, Junio must cope with Sequoia-backed FamPay, which payments itself as a neobank for youngsters. Launched in early 2019, the Bengaluru-based agency had raised $4.7 million in a seed funding spherical from Y-Combinator, Sequoia India, and World Founders Capital.
Based by latest graduates of Indian Institute of Know-how (IIT) Roorkee, Kush Taneja and Sambhav Jain, FamPay is at the moment constructing a funds community which can particularly cater to youngsters in India.
This yr, fintech has been one of the best performing sector when it comes to funding offers for startups, with $543 Mn raised from 62 offers. Edtech with $452 Mn from 44 offers, client companies with $590 Mn from 43 offers, enterprise tech with $789 Mn from 41 offers and healthtech with $370 Mn from 40 offers had been the 5 best-performing sectors for the Indian startup ecosystem in H1 2020.
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