Junio, India’s first kid-focused digital payments and pocket money app, said that it raised $6 million in Pre-Series A funding round, led by UAE-based firm NB Ventures with significant participation from the Rajiv Dadlani Group .
The Fintech startup intends to utilise the freshly raised capital to bolster its team, roll out new product features, and scale up customer acquisition initiatives.
The brainchild of Shankar Nath and Ankit Gera, Junio aims to digitise pocket money for children and be the preferred digital payment option. The platform offers a ‘smart card’ that enables kids to make offline and online purchases. The New Delhi-based startup’s goal is to nurture discipline and awareness in children about how to manage money, in a fun and practical way. Parents have visibility to the spending patterns of their children, and can guide towards early lessons in money management.
“We have seen huge adoption of our app ever since we launched it last year. There is a strong acceptance among the parent-children community,” said Ankit Gera and Shankar Nath, Co-Founders of Junio. “We are now in the process of introducing new and exciting features while focusing on developing a user-friendly product. We are delighted to have our new investors on board, and thank them for their support.”
Neelesh Bhatnagar of NB Ventures said the Junio founders have handled digital payments at scale earlier. “We are very impressed by the traction that Junio has been able to garner in a short time. Junio will cultivate a habit of digital payments among young children and create less dependence on cash,” said Bhatnagar. “The scope for digital payments by children is immense, and we have barely scraped the surface. New , innovative use cases will emerge and Junio , with their superior product and market understanding, is well poised to leverage this.”
In 2021, Junio raised $ 2 million in funding from marquee angel investors such as Kunal Shah and Yashish Dahiya, Venture Catalysts, and family offices led by the Rajiv Dadlani Group.
“Pocket money is an age-old concept, and it has evolved over the years. Now, the Junio app is trying to revolutionise the sector by using technology and digitisation,” said Rajiv Dadlani. “The pandemic has pushed us towards a cashless economy, and while pocketmoney and digital payment by kids are in their nascent stage in India right now, there is a huge potential. We are totally aligned with the vision of the team and happy to be a part of their journey.”
Junio has users spread across the length and breadth of the country. The core users are 10-16 year old children who have embraced all things digital.
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