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Online payments are safe and secure. Moreover, it has got the prominence during this pandemic. The digital transaction requires bank account details and eligibility.
You can make a digital transaction via UPI if you are above 18. So, the early teens were not eligible to transact money.
Especially, in India teens are not aware of financial management. Because they were denied to the transaction and maintaining financials.
Over 40% of India’s population are teens. Now it is really important to educate our teens about financials at this young age. Even they should have the right to money transactions.
So, to tackle this problem FamPay was launched in the year 2019. This startup aims at providing teens with both online and offline payment via FamCard.
FamPay
FamPay aims at providing cards to under 18 teens. So that they can make online and offline payments. The company provides a safe and secure transaction.
FamPay provides with Debit card. So this FamCard can be used in any of the shops. One can easily earn money from playing games in this app. Even the company provides cashback via FamCoins.
FamCoins can be used to buy via online shopping. This enhances the user’s engagement with the platform.
FamPay Founders
Sambhav Jain and Kush Taneya are the founders of FamPay. These two founders made innovative products for the teens.
They started FamPay in 2019. So they ensure that teens will not get denied of making online payments.
They understood the potential of the market. India has over 250 million teens. So they both realized the market size in which they have to step in.
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Vision
Fampay is a fintech company, especially for teens. This company has the vision to educate teens financially.
They believe that teens are capable of managing their financials. But they are not getting the opportunity for exposure.
So FamPay aims to create a well financially aware generation. Teens have to deal with money so that they understand the importance of financial management.
Teens have the capability and responsibility to manage their finance. So to know about their potential FamPay provides the platform for both online and offline payments.
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FamPay Fundings
FamPay is a unique startup and they are the first to tap the market. They introduced a new payment method for teens and good impact on society.
Their users base has crossed up to over a million within 8 months of its launch. So investors are keen to invest in this venture.
In June 2021 they got fundings of US $38 million from major investors. The fundings were led by Elevation Capital, and existing investors Sequoia Capital also took active participation.
Even investors like Venture Highway, YCombinator, Global founder Capital, General Catalyst Rocketship VC, and Greenoaks Capital also took part.
In 2020, Fampay able to raise the US $ 4.7 million. Major investors were Y Combinator, Venture Highway, Sequoia Capital, and Global Founder Capital.
Even startup founders also took part in investing. Founders like Kunal Shah (CRED), Kevin Lin (Twitch), and Robinhood (Vladimir).
Now, Fampay is the leading company in this teen payments sector. So they made it easy for teens to make online transactions without any PAN card and bank details.