We have a lot of banking services and fintech startups in India, but now one of them is really kid-focused. Well, that is going to change now with former Paytm executive to launch the Kids focused Fintech startup Junio. The startup will focus on bringing a smartcard that can be used to make digital and physical purchases by kids.
Junio was founded by Shankar Nath, former Paytm senior VP and Ankit Gera. The main idea behind the startup is to provide credit services for kids and help them nurture financial discipline from an early age. Since the app is for kids, it has got many parental control features. Parents can add chores through the Junio app, do instant money transfers and even cancel the card any time they want.
Competition to Fintech startup Junio
Junio’s app isn’t out yet and might go live within a few weeks. It will be interesting to see how the app performs against the Sequoia-backed Fampay. Fampay was launched in 2019 and has raised $4.7 million in a seed round from, Y-Combinator, Sequoia India, and Global Founders Capital.
I feel that the competition for Junio is not only Fampay but the market itself. Since Kid credit cards and financial knowledge is quite a new concept in India, it will be at the very least interesting to see how the startups perform. Though many startups have popularized the idea in the west, it hasn’t yet been completely adopted by Indians.
I like the idea of giving a credit card to a kid with limited money and let them manage finances and do their chores using it. That’s why I really hope our country gets more adapted to the credit culture soon. What are your thoughts on the same? Do let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.