FinTech Fyp to launch Pocket Money App for teenagers in India
By Leandra Monteiro
Gurgaon-based FinTech start-up Fyp has announced the pre-launch signing-up of their money management product for the GenZ segment between the age group of 11-18 years of age.
The Neo bank says it will go online by end of July but has already started getting traction among the target audience, which also includes young parents between the age group of 35-45.
“Last week we have opened the pre-launch signing-up for Fyp and we were excited to see 15,000 entries in our waitlist section already. Amongst all the entries received till 15th July 10,000 people stand a chance to win an absolutely free prepaid card,” said Kapil Banwari Founder and CEO of Fyp.
The start-up aims to change the pocket money management concept in India and help parents to make their kids develop with financial literacy concept and become financially independent at an early age. The kids, by using the Fyp app, can do all financial transactions, both online and offline, securely through the Fyp app and Fyp Prepaid Card.
The start-up aims to bring unique gamification features to teach financial literacy concepts to GenZ, one of which includes chores where Parents can assign tasks by using gamification inside the app for their kids against monetary prizes. Fyp will have soon launch features where children can earn money through communities and invest their savings with the consent of their parents to build a small fortune for their future needs like college fees, mobile phones, bikes, dream travel, etc.
“The product architecture is based on four strong pillars – earning, saving, spending, and investing. We want the kids not just to have a basic understanding of finance, but a deep practical knowledge of financial matters much before when they start their first job,” added Kapil.
The fintech firm aims to have 1 million users of the Neo-banking app by the end of calendar year. The company has developed its own Banking as a Service (BaaS) platform to support its product. In April 2021, Fyp has raised $ 2 million in a seed funding round from Angel Investors to expand the team and marketing initiatives. The company is in discussions to raise a further round of funds.
Pockket Payment Technologies which owns Fyp brand is the brainchild of Ex ITC Employee- Kapil Banwari. The FinTech venture is working towards creation of innovative payments solutions and NEO Banking products specifically catering the Teenager segment.
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