Junio will be using the freshly raised funding to build its product, strengthen its team and focus on customer acquisitions.
Founded by former Paytm executives, Junio is a kids focused digital pocket money startup which has raised an additional Rs 5 crore from Venture Catalysts, HNI investors, and Family Offices led by the Rajiv Dadlani Group. After this fundraiser the fintech company has raised a total of Rs 15 crore in its seed round.
Moreover, the startup also said that it has crossed 50,000 users within a month after its launch. The company claimed that the app has strong acceptance among the parents and children community.The startup will help in providing financial knowledge and lessons about money management and finance.
Co-founder Ankit Gera said in a statement, “We are excited with the early traction we have seen for Junio. Over the course of next few months we will be rolling out some interesting product features, and have a full-fledged marketing launch ”.
Adding to his statement he said, with an investor backing Junio has gained the potential to unlock new opportunities in kids-focused digital payment options in India.
On the investment into Junio, Rajiv Dadlani said, “There is a huge, inherent and unmet need for Junio’s products amongst teenagers and the parent-children community. Given their vision and strong execution, also the digital pocket money/virtual card segment, being at a nascent stage in India, with huge growth potential.”
Founded in September 2020, the Junio smart card lets children make physical and online purchases (through the app) using digital pocket money. The goal is to promote desired behaviour among children along with developing an understanding of the value of hard-earned money.
In addition to instant pocket money transfer, the Junio app also allows parents to know about the spending done by their children. It also lets parents create in-app daily tasks for their kids and tie them with perks.