The financing also saw major participation from existing investor Sequoia Capital India, the startup said in a statement. Other early investors, including Venture Highway, Y Combinator, Global Founders Capital and new Global Investors like General Catalyst, Rocketship VC, and Greenoaks Capital, too, pumped in capital.
FamPay said it will use the latest round of funding to build its leadership team to further fuel growth.
Founded in 2020 by IIT-Roorkee graduates Kush Taneja and Jain, FamPay makes it convenient for teenagers to make online and offline payments through the FamPay app as well as the FamCard – a numberless card for teens for secure payments. Teens can enable FamPay after their parent’s consent and start making payments without the need to set up a bank account.
“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,” Sambhav Jain, co-founder, FamPay said.
The startup claims to have over two million users on its platform currently, averaging 100 percent month-on-month growth. It had raised $4.7 million in its seed round from Y Combinator, Venture Highway, Sequoia India, and GFC (Global Founders Capital) a year ago.