Neobank Streak Raises Seed Funding Round Led By Inflection Point Ventures
Streak, an educational neo-bank for teens, has raised an undisclosed amount in a seed funding round led by Inflection Point Ventures.
As per the startup, it will use the funds for marketing, customer acquisition, and strengthening the team. Additionally, the startup will further invest in technology, enabling them to effectively launch Streak and initiate the growth journey as they plan to grow to two million users in the next three years.
Started by Mitul Mehta, Shiv Bidani and R Balaji in 2020, Streak is a gamified payment and financial education app aimed at helping teenagers get smart with money. Streak enables teenage customers to be financially aware, empowered, and keen to learn more.
Speaking on the development, Shiv Bidani, Co-founder, Streak said,
“Streak is tailor-made for the Indian audience keeping in mind Indian parenting styles and cultural values. We believe that Streak will capture the minds and hearts of parents and children. With IPV’s support and expertise in the edtech and fintech space, we believe that we are positioned to create a significant impact in the ‘ed-fintech’ space.”
Working on the growth, the startup claims to have conducted a Financial Literacy Championship targeted at school students during the second week of May. As per the startup, the event received organic 3000+ registrations from 130+ schools and 60+ cities in two weeks.
Streak has also launched a referral-based signup program that has seen consistent growth in the waitlist signups for the app. The startup added that their app would be soon available in both Google Play Store and the iOS App Store.
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