Junio, an Indian children-centered fintech platform, has raised a seed round from Kunal Shah. The company also plans to continue raising a total of $1 million from First Check and several individual investors, according to the sources. It is understood that Junio has been in talks with First Cheque for a while and the contours of the deal have already been finalized, which will take place in the next few weeks.
Founded by former Paytm senior vice president Shankar Nath along with Ankit Gera, Junio would act as a credit card and impart financial discipline to children, allowing them to make online and physical purchases. It's worth noting that the app enables parents to control Junio’s smart cards through the app. Not only that, Junio would enable instant fund transfer, and the flexibility to cancel the card at any moment through the app. However, Junio is yet to launch its Android and iOS apps.
Junio would compete with FamPay and Walrus. FamPay had raised $4.7 million in a seed funding round from Y-Combinator, Sequoia India, and Global Founders Capital whereas Walrus got backing from Better Capital and a few individuals.
For now, fintech solutions focused on children and teens are still in their infancy in India, but several startups in the U.S. and the West have made good headway. Greenlight, for example, is one of the largest firms with a unicorn status, while Paris-based PIXPAY is working on kids-focused banking solutions.
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