Gurugram-based fintech platform FypMoney app has raised $2 million in a seed funding round from angel investors, including Liberatha Kallat, Mukesh Yadav, and Dinesh Nagpal.

As per the startup, it will use the funds for product development, team building, and executing marketing and growth plan.

Founded by Kapil Banwari in 2021, FypMoney is a digital neo bank for teenagers, empowering them with financial literacy and ease of secured financial transactions.

Commenting on the funding round, Kapil Banwari, Founder, FypMoney, said,

“The seed funds raised will be utilised on product development, team building, and executing marketing and growth plan. We are targeting one million users by the end of this financial year. And in the next three years, the plan is to acquire five million users. We would be raising another round of investment by the end of the year to achieve our five million user goal. At present, we are in the product development stage.”

Owned and operated by Pockket Payment Technologies Pvt Ltd, the Gurugram-based fintech platform claims to be working to establish itself on four main pillars: earning, wise spending, saving, and investing.

The fintech platform aims at promoting the usage of digital money transactions for teenagers and is set to launch its exclusive Fyp Money app for teenagers in June 2021.

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