Digital Bank for Teenagers Akudo raises $4.2 million led by Y Combinator & Others
Y Combinator, JAFCO Asia, Incubate Fund India, and AET Fund led a $4.2 million seed round for Akudo, a learning-focused neobank for teenagers.
Tribe Capital, Cabra Capital, and angel investors such as Groww cofounder Lalit Keshre all participated in the round.
The startup plans to use the funds to grow its workforce of 12 to 50 people over the following 12 to 18 months. It will also use the funds to improve its product offering in order to serve 1 million families in the coming year, according to cofounder Sajal Khanna.
The organisation stated that it is concentrating on Tier 1 and Tier 2 cities in India.
The firm stated that it is concentrating on Tier 1 and Tier 2 cities in India.
Akudo, founded by Lavika Aggarwal, Khanna, and Jagveer Gandhi in August 2020, gives personalised prepaid Visa cards to teenagers and fosters a financial first learning environment with features such as auto-save and other features for developing a saving habit.
Gamified incentive systems are used to reward teens for excellent financial behaviour. The company provides tools for improving money management skills through awareness, practise, and habit formation.
Currently, the firm claims to have over 100,000 registered consumers, with transaction volumes increasing by 75% week over week. Over 25,000 cards have also been issued.
Commenting on this, Aggarwal, said, “This capital will help us hire the right team and build in-app intelligence and features which will make financial learning more enjoyable for teenagers. We want every teenager to own their Akudo card as soon as they turn 13 and learn crucial lessons early on.”
The firm stated that it is concentrating on Tier 1 and Tier 2 cities in India.
Akudo, founded by Lavika Aggarwal, Khanna, and Jagveer Gandhi in August 2020, gives personalised prepaid Visa cards to teenagers and fosters a financial first learning environment with features such as auto-save and other features for developing a saving habit.
Gamified incentive systems are used to reward teens for excellent financial behaviour. The company provides tools for improving money management skills through awareness, practise, and habit formation.
Currently, the firm claims to have over 100,000 registered consumers, with transaction volumes increasing by 75% week over week. Over 25,000 cards have also been issued.
Commenting on this, Aggarwal, said, “This capital will help us hire the right team and build in-app intelligence and features which will make financial learning more enjoyable for teenagers. We want every teenager to own their Akudo card as soon as they turn 13 and learn crucial lessons early on.”
Tribe Capital, Cabra Capital, and angel investors such as Groww cofounder Lalit Keshre all participated in the round.
The startup plans to use the funds to grow its workforce of 12 to 50 people over the following 12 to 18 months. It will also use the funds to improve its product offering in order to serve 1 million families in the coming year, according to cofounder Sajal Khanna.
The organisation stated that it is concentrating on Tier 1 and Tier 2 cities in India.
The firm stated that it is concentrating on Tier 1 and Tier 2 cities in India.
Akudo, founded by Lavika Aggarwal, Khanna, and Jagveer Gandhi in August 2020, gives personalised prepaid Visa cards to teenagers and fosters a financial first learning environment with features such as auto-save and other features for developing a saving habit.
Gamified incentive systems are used to reward teens for excellent financial behaviour. The company provides tools for improving money management skills through awareness, practise, and habit formation.
Currently, the firm claims to have over 100,000 registered consumers, with transaction volumes increasing by 75% week over week. Over 25,000 cards have also been issued.
Commenting on this, Aggarwal, said, “This capital will help us hire the right team and build in-app intelligence and features which will make financial learning more enjoyable for teenagers. We want every teenager to own their Akudo card as soon as they turn 13 and learn crucial lessons early on.”
The firm stated that it is concentrating on Tier 1 and Tier 2 cities in India.
Akudo, founded by Lavika Aggarwal, Khanna, and Jagveer Gandhi in August 2020, gives personalised prepaid Visa cards to teenagers and fosters a financial first learning environment with features such as auto-save and other features for developing a saving habit.
Gamified incentive systems are used to reward teens for excellent financial behaviour. The company provides tools for improving money management skills through awareness, practise, and habit formation.
Currently, the firm claims to have over 100,000 registered consumers, with transaction volumes increasing by 75% week over week. Over 25,000 cards have also been issued.
Commenting on this, Aggarwal, said, “This capital will help us hire the right team and build in-app intelligence and features which will make financial learning more enjoyable for teenagers. We want every teenager to own their Akudo card as soon as they turn 13 and learn crucial lessons early on.”
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