Fintech start-up FamPay, has raised $38 million in a Series A funding round, led by Elevation Capital Sequoia Capital India along with participation from other investors. This platform offers financial services including payment options to teenagers. Other early investors include Global Founders Capital, Y Combinator, and Venture Highway. This round also included new investors like Rocketship VC, Greenoaks Capital, and General Catalyst who also participated in this round. After this deal, it is estimated Fampay will be valued between $150-$170 million. In March 2020, they had raised $4.7 million from venture capital and angel investors like Robinhood co-founder Vladimir Tenev, and Cred founder Kunal Shah, among others.
The funds will be used to increase hiring across verticals. This is one of the largest Series A funding seen in India, preceded only by Ola and Mensa. This platform was founded by IIT Roorkee graduates Kush Taneja and Sambhav Jain back in 2019. FamPay offers digital wallet services which are supervised by specialized parental controls. The guardians will also have control over the transaction limits. The platform has over 2 million users. Earlier in 2021, the start-up also launched ‘numberless prepaid cards for customers, which was executed with the help of IDFC First Bank.