FypMoney raises $ 2 Million seed funding from Angel Investors
FypMoney App, a new fintech platform, has recently raised the $ 2 Million in seed funding from Angel Investors. The angels investors - Liberatha Kallat, Mukesh Yadav and Dinesh Nagpal are all upbeat about the Fyp project that is lead by Kapil Banwari, the former finance manager at the ITC Ltd.
Pockket Payment Technologies Pvt. Ltd. that aims at promoting the usage of Digital Money transactions for Teenagers, is set to launch its exclusive Fyp Money App for teenagers in June 2021.
Talking about the funding, Kapil Banwari, founder, FypMoney informs, “We are happy to receive the funding in our first round of fund raiser presentation itself which showcase that the strength of idea for this new product which is expected to revolutionize the current scenario of digital payments in the Teenager Segment. Seed Funds Raised will be utilized on Product Development, Team Building and executing Marketing and Growth Plan. We are targeting one million users by the end of this financial year. And future three years plan is to acquire 5 Million users. We would be raising another round of Investment by the end of the year to achieve our 5 M user goal. At present, we are in the product development stage.
Liberatha Kallat, one of the Angel Investors informs, "We liked the idea as this is capturing the segment which is not completely tapped and we see huge potential. The platform will help teenagers learn and find aspects of personal finance, empowering teenagers with their own accounts will create a new segment of users and open opportunities in the market. Once we see the penetration and usage we plan to invest further to develop and enhance additional features in the platform.”
The Key Product Features are easy online Prepaid Account Opening and Online KYC in 3-5 minutes; issuance of Virtual Debit Card Instantly with an option to order Physical Cards for offline payments and above all easy UPI Transactions.
Sharing insights about the product, Kapil said, “Indian parents focus towards high-end child literacy however they often ignore financial education and literacy. With Fyp Money App, we wish to bridge this gap and help the parents to teach “financial literacy” and importance of wise savings, money management and financial discipline at an early age to their kids. With the help of this card, which is specially designed and is adapted as per teenagers’ requirements, children don’t have to depend on their parents for digital payments anymore.”
India has around 250 Million population in the age group of 11 - 19 years with an estimated 15 - 20% mobile phone users which is rapidly increasing. While the need for such a service was always there, Kapil Banwari asserts that the shift in behavior in the COVID months elevated it. The parent company as well as the investors are upbeat about the idea that their Product will give financial freedom to teenagers to own their own debit card instead of being dependent on parents’ cards for online or offline transactions.
Considering that there is always competition in the market, the Fyp Money App is working to establish itself on four main pillars: Earning, Wise Spending, Saving and Investing. The overall product development is happening keeping in mind all the financial aspects are covered to give complete financial literacy exposure to the Teenagers.
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