FamPay announced on Wednesday that it has raised $38 Million led by Elevation Capital. This Series A round also saw participation from Rocketship VC, General Catalyst, Greenoaks Capital and existing investors Sequoia Capital India, Y Combinator, Global Founders Capital, and Venture Highway.
With FamPay app and its numberless card, minors can successfully make online (UPI & P2P) and offline payments without the need to set up a bank account. FamPay aims to drive the smart generation of teens (Gen-Z) from cash to digital through a family-friendly app.
With this fresh round of investment, FamPay funding has risen to a total of $42.7 Million. FamPay focus is to bring financial literacy to teenagers in India. Interestingly India has the largest teenage population in the world. Fampay has used gamification smartly to teach financial independence and the need for financial literacy to its users.
FamPay is India’s first neo-bank for teenagers. With our app and our numberless card, minors can safely and successfully make online (UPI & P2P) and offline payments without the need to set up a bank account. We aim to raise a new, financially aware generation of Indians who understand the fundamentals of personal finance and are capable of making decisions in their best long-term interest.
FamPay was founded in 2019 by the Indian Institute of Technology (IIT) Roorkee Graduates, Kush Taneja and Sambhav Jain while still in college, which makes them the youngest fintech entrepreneurs in India today. In March 2020, FamPay raised seed funding of US $4.7Mn from Y Combinator, Venture Highway, Sequoia India, and Global Founders Capital (GFC). Neeraj Arora, ex-WhatsApp, Twitch cofounder Kevin Lin, Robinhood cofounder Vladimir Tenev, CRED founder Kunal Shah, Pine Labs CEO Amrish Rau also participated in the round.