- Fastest to 50k users among kids focused fintechs
- Raises additional Rs 50 million, taking total to Rs 150 million
18th, June, 2021, Delhi: Junio, a kids-focused digital pocket money startup, has crossed 50K users within just a month of launch. The Junio app has found strong acceptance among the Parent-Children community as a powerful way for children to learn valuable lessons about money management and finance.
The startup has also raised additional INR 50 million in funding from Venture Catalysts and HNI Investors and Family Offices led by the Rajiv Dadlani Group. Junio will utilize the funds to further develop its product, strengthen the team and launch customer acquisition initiatives. With this round, Junio has raised a total of Rs 150 million in their Seed round.
Speaking on the development, Ankit Gera said, “We are thrilled with the early traction we are seeing in Junio. Over the next few months, we will roll out more interesting product features, and have a full-fledged marketing launch. We would like to welcome the Rajiv Dadlani Group and Venture Catalysts as our investors, and are thankful for their faith and support. This investment reflects the strength of our association and further enables us to unlock new opportunities in kids-focused digital payment options in India.”
Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said “The Founders having a strong pedigree and tremendous collective experience, in the Payments and Fintech industry, and are doing a splendid job. 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, we are glad to participate as long-term investors, and support them in their amazing journey forward.”
With an aim to digitize pocket money for kids, former Paytm alumni Shankar Nath and Ankit Gera co-founded Junio. It is a first-of-its-kind digital pocket money app for children between classes 4th and 10th. The idea is also to nurture financial knowledge and discipline in them at an early age. It is currently available on the Google Play Store, and the iOS version will be launched shortly. In US, Greenlight Cards which operates in the same space is a $ 2 Bn+ enterprise with a vibrant Parent-Child community.
In addition to instant pocket money transfer, Junio app also allows parents to know about the spends done by their children. It also lets parents create in-app daily tasks for their kids and tie them with perks. It provides additional independence to young children to take control of their pocket money and expenses, learning valuable lessons about money along the way.
