FamPay offers a payments app and the country’s only numberless plastic cards to let teenagers make online and offline purchases after parents credit funds and approve activity. The product combines payments with gamified lessons aimed at improving financial literacy for adolescents. The company says it has amassed over 2 million registered users. FamPay plans to use new capital to expand its user base, broaden product offerings, hire engineers and recruit leadership. The founders envision building a broader neobank for youngsters and adding services over time to retain users on the platform. The thesis rests on India’s large adolescent population and a perceived gap in teen financial access and education. FamPay is a fintech startup that operates a family-friendly digital payment app. The company is based in Bengaluru. It has raised $4.7 million in a seed funding round. The seed round was led by Y Combinator, Venture Highway, Sequoia India, and Global Founders Capital. The funding was disclosed in an announcement.

Total raised

$43M

Funding rounds

2

Latest round

Series A

Latest activity

Jun 2021