FamPay, a payments app for the teenagers and their families, has now secured an investment of $4.7 million in the seed funding round led by the Venture Highway, Sequoia India, Y Combinator, and GFC.
Some of the angel investors also participated in this funding round.
The payments platform will invest this funding in building a world-class engineering team to develop its technology and even accelerate growth.
Founded by the recent graduates from the IIT-Roorkee – Sambhav Jain and Kush Taneja, FamPay is building the future of payments for the teenagers in India.
Sambhav Jain, Co-founder of FamPay, said, “It’s an interesting market to crack because the demands and lifestyle of a teenager are very different and they are not served by anyone yet. We believe that empowering teenagers with their accounts can create a new network of users and open numerous opportunities in the market. As this is the habit-building age, there’s a huge scope for innovation and redefining how payments are done. We aim to grow as our users grow, developing new products for an expanding user base.”