Neobanking Startup Walrus Is Redefining Banking For Young Indians And Making Them Money-Smart
The youth of India is underserved when it comes to banking.
Statistics show that India has over 300 million young people under the age of 24, forming around 20 percent of India’s population.
And as money is a hush-hush topic in our country, Indian children grow up without any real understanding of money management. As per numerous studies, young Indians don’t manage their finances until the age of at least 24, when they finish college and start earning.
Making the younger generation money-smart, today’s story is about Bengaluru-based neo banking startup Walrus. Walrus is redefining banking for Gen Z by providing payments account and card for the youth.
Startup Story: Walrus | Payments Account & Card for Youth
Started by ex-IITian Bhagaban Behera, strategy consultant-turned-entrepreneur Nakul Kelkar, and ex-Hewlett Packard executive Sriharsha Setty, Walrus is a Bengaluru-based neo banking startup that is driving financial inclusion for young adults in India by providing digital services.
How Walrus Started?
Bhagaban, Nakul, Sriharsha started Walrus with a vision to make the younger generation money-smart.
As per Bhagaban, the Indian youth is underserved when it comes to banking.
Speaking about banking for the youth, Bhagaban says,
“The Indian youth is underserved when it comes to banking. India has over 300 million young people under the age of 24 — almost 20 percent of India’s population, but still, banks do not focus on this segment as they do not have jobs, do not earn much or take loans etc.”
So, to provide Indian youth with a platform where they not only access their banks on their phones but also learn about managing money, the trio started Walrus in 2020.[Read: Patna-Based Healthcare Startup Hanuman Brings All Kind Of Emergency Medical At One Place]
USP Of Walrus
A neobank and community for Gen-Z, Walrus is making the youth financially smart by providing on-demand services at the tip of their fingers.
Walrus has a payments analytics feature that enables youth to track savings and expenditures.
Talking about Walrus, Bhagaban says,
“By gamifying savings, investments etc Walrus intends to lead the younger generation towards a journey to strong financial smartness.”
The neo banking startup also issues debit cards to its customers, which they can then use for online purchases. Users and their parents can transfer funds to their new Walrus account via net banking, UPI or debit card.
Present Situation Of Walrus
With transactions in crores of rupees, presently, Walrus has 200,000 registered users on its platform. The neo banking startup is currently focused on expanding its user base and adding more features to its product in India.
Presently, The Walrus app is downloadable only via the Playstore and requires digital KYC completion to register new users. Walrus offers banking services in partnership with RBL Bank and Mastercard.
Future Plans Of Walrus
The neo banking startup aims to reach 10 million active transacting users in India by 2022. Still evolving, the app expects to add more features like investing and credit services soon. As Walrus makes its revenue primarily from card transactions happening via the Walrus card, The startup hopes to charge its user base for curated products in the future.
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