Akudo Raises $4.2 Million In Seed Funding Round Led By Y Combinator, Others
Akudo, a learning-first neobank for teenagers in India, has raised $4.2 million in a seed funding round led by Y Combinator, Incubate Fund India, JAFCO Asia, and AET Fund.
Tribe Capital, Cabra Capital, and angel investors like Groww co-founder Lalit Keshre, among others, also participated in the funding round.
The startup plans to use the raised funds to expand its team of 12 to 50 over the next 12-18 months. Akudo will also use the capital to refine its product offering to reach 1 million families in the next year, stated co-founder Sajal Khanna.
Akudo | Learning-First Neobank for teenagers
Founded by IIT Roorkee and BITS Pilani alumni Lavika Aggarwal, Sajal Khanna, and Jagveer Gandhi in August 2020, Akudo offers a Learning-First Banking for Teenagers.
Started with the vision of raising generations of money-smart young Indians, the startup provides personalised prepaid Visa cards to teens. Additionally, it promotes a financial first learning environment through features like – auto-save and other features for building a habit of saving.
Speaking on the development, Lavika 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.”
Focussed on Indian Tier 1 and Tier 2 cities, Akudo rewards teens for their good financial behaviour through gamified reward systems. Solutions offered by the startup include learning money management through awareness, practice, and habit building.
The startup has issued over 25,000 cards and claims to have over 100,000 registered customers. As per the startup, it has 75% week-on-week growth in transaction volumes.
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