FamPay brings $38 Mn up in Series A drove by Elevation Capital

FamPay, a fintech application for teens, has rounded up $38 million in its Series A round drove by Elevation Capital. Existing supporters Sequoia Capital India, Venture Highway, Y Combinator, Global Founders Capital and new financial backers General Catalyst, Rocketship VC, and Greenoaks Capital additionally partook in the round.

In March, Entrackr had only detailed about FamPay’s forthcoming round.

As per the Bengaluru-based firm, it will utilize the new assets to assemble its authority group and dispatch new highlights on the stage.

FamPay permits clients to pay on the web and disconnected through their own UPI ID and an innumerable pre-loaded card. Adolescents can empower FamPay with their parent’s assent and begin making installments without the need to set up a financial balance. As per the organization, it means to turn into a neo-bank for adolescents.

The startup professes to have in excess of 2 million enrolled clients inside only 8 months of its dispatch, and has been averaging 100% month on month development.

Around the world, presenting monetary items for adolescents has been advocated by any semblance of Greenlight, Step and PIXPAY. In India, the Kush Taneja and Sambhav Jain-drove organization rivals Junio, Better Capital-sponsored Walrus and Yodda.

The opposition in this portion will be more exceptional. Present day banking tech organization Zeta, which as of late entered the unicorn club subsequent to raising another round from SoftBank, had restricted with FamPay to control their neo financial arrangement.

The new round takes the absolute interest in FamPay till date to $42.7 million including $4.7 million seed round brought up in March 2020 from Y Combinator, Venture Highway, Sequoia, Global Founders Capital and private backers including Kunal Shah and Amrish Rau.

This is additionally one of the biggest Series A rounds for any Indian startup. Ola Electric and Ananth Narayanan-drove Mensa Brands have been driving the rundown with $56 million and $50 million brought individually up in their Series A rounds.