Akudo, a learning-focused neobank for teenagers in India, has said it has raised $4.2 million (about Rs 31 crore) in funding, led by Y Combinator, JAFCO Asia, Incubate Fund India, and AET Fund.
The Bengaluru-based startup said it will use the funds to expand its team and enhance its product offering to cater to teenagers across India.
Akudo, a learning-focused neobank for teenagers in India, has said it has raised $4.2 million (about Rs 31 crore) in funding, led by Y Combinator, JAFCO Asia, Incubate Fund India, and AET Fund.
Tribe Capital, Cabra Capital, and marquee angels like Lalit Keshre (Groww co-founder), Rohit Taneja (Decentro co-founder) and others also participated in the round, the company said in a statement.
The Bengaluru-based startup said it will use the funds to expand its team and enhance its product offering to cater to teenagers across India, the statement said, adding that at present, the company has more than 1 lakh registered customers and has recorded a 75 per cent week-on-week growth in transaction volumes.
Lavika Aggarwal, the co-founder at Akudo, said the funds will help the startup to hire the right team and build in-app intelligence and features which will make financial learning more enjoyable for teenagers.
She said the company wants every teenager to own their Akudo card as soon as they turn 13 and learn crucial lessons early on. “Akudo is also bound to positively impact families of teens who will undertake their first step towards financial literacy and ultimately towards true financial empowerment,” Aggarwal added.
Commenting on the deal, Supriya Singh, Head of South Asia Investments at JAFCO Asia, said the personal finance for young users has largely been unaddressed.
Founded in August 2020 by Lavika Aggarwal, Sajal Khanna, and Jagveer Gandhi, Akudo provides personalised prepaid Visa cards to teens and promotes a financial first learning environment through features to build a healthy habit of saving at an early age. Teens are rewarded for their good financial behaviour through engaging gamified reward systems.
(With inputs from PTI)