Fampay is the newest Fintech firm in the country to launch operations where it was established last year by Kush Taneja and Sambhav Jain who are alumni of the Indian Institute of Technology in Roorkee. This firm provides Teenagers and minors with cards and UPI addresses to make digital and card related purchases via its website. The organization has been working in stealth mode so far. Student customers will be given cards via a deal with IDFC First Bank without needing to apply for a bank account. In addition, such customers can also transfer money to others through the Unified Payments Interface (UPI) apart from online and in-store transactions.

Fampay Solutions Pvt Ltd located in Bengaluru, has fostered 4.7 million of retail and angel investors’ seed capital from the company offering payment facilities for adolescents. Y Combinator, Investment Highway, Sequoia India and Global Founders Capital who are institutional investors engaged in a batch of funding round, said the company in a tweet.

Twitch co-founder Kevin Lin, co-founder Vladimir Tenev of Robinhood, Kunal Shah of Cred and Amrish Rau of Pine Labs, all these angel investors participated in the seed funding round. Entrackr stated in September 2019 that the startup is funded by Y Combinator and WeWork Labs and is in talks to collect funds from investors including Sequoia. Dozens of startups have drawn financial, angel and strategic investors’ mone.

This startup plans on using the money to expand the technical department and speed up development and its technology infrastructure. The company thinks that teens will build up a new network of consumers by creating their own profiles and providing multiple business opportunities added Sambhav Jain.
Venture Highway’s Neeraj Arora, a limited partner creator and entrepreneur, said that Fampay and its founders were taking a new and user-oriented approach to the market their services. He continued that the company's website will help teens think about main facets involving personal finances.