FamPay has raised $4.7Million as seed funding from Y Combinator, Global Founders Capital (GFC), Venture Highway, and Sequoia India.
FamPay is a Bengaluru-based fintech startup, founded by Indian Institute of Technology (IIT) Roorkee graduates, Kush Taneja and Sambhav Jain. The startup claims to be the first Teen- focused payments app, allowing teenagers to get a card without a bank account.
Teenagers can use this card to purchase online, offline, and also can make a peer-to-peer, card, and unified payments interface payments.
With this funding, FamPay is planning to improve its technology by adding more members to its engineering team.
The company is planning to launch its product soon, and it will also issue cards. For that, FamPay has partnered with IDFC Bank. And to get a virtual card instantly, users have to sign up. The users can also order physical cards using the app.