Children centered neo-banking stage FamPay is in late-stage converses with mop up a $25-30 million drove by Elevation Capital in Series A round, said three individuals mindful of the subtleties of the exchange. The new raise support for the Bengaluru-based organization following a hole of a year.
Y Combinator and Sequoia had driven its seed round in March 2020. In the event that the new round goes through, it would be the biggest gather pledges in the adolescents centered fintech section.
“Height Capital would lead the round while existing financial backers Sequoia Capital would take part with a huge commitment. The shapes of the arrangement have been settled and if nothing turns out badly from here the arrangement would be appeared soon,” said one of the sources mentioning obscurity.
As per sources, other existing financial backers including Y Combinator and Venture Highway would likewise take an interest in the crisp financing round. “FamPay’s valuation would be in the scope of $75-90 million in the Series A round,” said someone else who likewise wanted not to be named.
Entrackr’s questions shipped off FamPay, Elevation Capital and Sequoia Capital didn’t get any quick reaction. We will refresh the story on the off chance that they do.
Other than YC and Sequoia, Global Founders Capital alongside a couple of holy messengers likewise took an interest in its seed round. FamPay permits clients to pay on the web and disconnected through their own UPI ID and a countless pre-loaded card. Dispatched in July, FamCard resembles a charge card that youngsters can use to make installments autonomously.
As per Sensor Tower information, FamPay has lifetime downloads of about 1.5 million on Android gadgets. On its site, it professes to be utilized by around 1,000,000 clients.
Established by Kush Taneja and Sambhav Jain, the startup was a piece of Y Combinator’s Summer clump 2019 and rivals Junio, Better Capital-supported Walrus and Yodda. The new continues will help FamPay corner more piece of the pie and build up a wide hole regarding scale when contrasted with its rivals.
While fintech arrangements zeroed in on children and teens are in an incipient stage in India, a few organizations in the West have scaled up at a brisk speed. Greenlight is perhaps the biggest firm in the space with a unicorn status alongside Stripe-financed Step and Paris-based PIXPAY.
