Indian fintech start-up FamPay has raised $38m in its Series A funding round led by Elevation Capital.
The company’s existing backer Sequoia Capital India and other early investors Venture Highway, Y Combinator and Global Founders Capital also participated in the round.
Go deeper with GlobalData
Additionally, global investors General Catalyst, Rocketship VC and Greenoaks Capital joined the funding.
FamPay plans to use the proceeds to expand its leadership team to support its growth.
About FamPay:
Launched in 2020, FamPay seeks to build India’s first neo-bank for teenagers.
The company enables its customers to make online and store payments using FamPay app and a numberless card. The minors can activate FamPay following their parent’s consent and carry out transactions without a bank account.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAccording to the fintech, FamPay now has more than two million registered users.
Quotes:
FamPay co-founder Sambhav Jain said: “We are thrilled to welcome new investors and to see the confidence of our early investors reinforced during this round.
“With around 40% of the Indian population being below 18, every year millions of new teenagers will start using their first smartphone and FamPay envisions becoming their go-to brand.
“By connecting with them young, we are building an early relationship with the future adults most brands eventually want to tap, making FamPay the gateway for brands to target GenZ.”
Elevation Capital partner Mridul Arora said: “We have been extremely impressed by FamPay’s product innovations, growth trajectory and customer love – all early signs that FamPay is destined to become the destination app for GenZ and gateway for their access to fintech and beyond.
“India today has a sizable population of 250M adolescents and we believe that catering to this unserved audience with innovative products contextualised to their needs and behaviours will create a very valuable business.”
