FamPay raises $38 Mn in Series A led by Elevation Capital

FamPay, a fintech application for youngsters, has rounded up $38 million in its Series A round drove by Elevation Capital.

Existing sponsor Sequoia Capital India, Venture Highway, Y Combinator, Global Founders Capital and new financial backers General Catalyst, Rocketship VC, and Greenoaks Capital additionally partook in the round.

As indicated by the Bengaluru-based firm, it will utilize the new assets to construct its leadership group and launch new highlights on the stage.

FamPay permits users to pay online and disconnected through their own UPI ID and an innumerable prepaid card. Adolescents can empower FamPay with their parent’s assent and begin making payments without the need to set up a ledger.

As indicated by the organization, it expects to turn into a neo-bank for youngsters.

The startup professes to have in excess of 2 million enlisted clients inside only 8 months of its dispatch, and has been averaging 100% month on month development.

Worldwide, presenting monetary items for adolescents has been supported by any semblance of Greenlight, Step and PIXPAY. In India, the Kush Taneja and Sambhav Jain-drove organization contends with Junio, Better Capital-sponsored Walrus and Yodda.

The opposition in this portion will be more exceptional. Current financial tech organization Zeta, which as of late entered the unicorn club in the wake of raising another round from SoftBank, additionally gives an element through which clients can promptly create a computerized card for their relatives including teens.

The new round takes the complete interest in FamPay till date to $42.7 million including $4.7 million seed round brought up in March 2020 from Y Combinator, Venture Highway, Sequoia, Global Founders Capital and private supporters including Kunal Shah and Amrish Rau.

This is additionally one of the biggest Series A rounds for any Indian startup. Ola Electric and Ananth Narayanan-drove Mensa Brands have been driving the rundown with $56 million and $50 million brought separately up in their Series A rounds.