Learning-focused neobank for teenagers Akudo has raised $4.2 Mn in its seed round led by Y Combinator, JAFCO Asia, Incubate Fund India, and AET Fund.
The other participants in the funding round were Tribe Capital, Cabra Capital, and marquee angels like Lalit Keshre (Co-founder Groww), Rohit Taneja (Co-Founder Decentro), Anup Singh (Ex Axis Bank, ICICI Bank), Romeen Sheth (Metasys), Sriram Krishnan (Ex Spotify, Tinder), Mohit Daga among others.
Founded in August 2020 by IIT Roorkee and BITS Pilani alumni Lavika Aggarwal, Sajal Khanna, and Jagveer Gandhi, Akudo is a learning-focused neobank for teenagers to help them save money and rewards.
The fintech startup provides personalised prepaid Visa cards to teens & promotes a financial first learning environment through features like – auto-save & round-up-your spends for building a healthy habit of saving at an early age.
The startup aims to utilise the funds to expand its team and further refine its product offering to reach millions of financially under-prepared and under-served teenagers in India, said a statement.
Currently, the startup has over 1 lakh registered customers, and claims to have delivered over 25,000 cards across more than 360 cities across India. It further claims to have recorded 75% week-on-week growth in transaction volumes.
Lavika Aggarwal, Co-Founder, Akudo, said, “This capital will help us hire the right team and build in-app intelligence and features which will make financial learning more enjoyable for teenagers.
Last December, fintech startup Junio raised $3 Mn for its seed funding round for launching its financial planning product targeted at kids.