Delhi-based fintech startup Junio has raised $6 Mn in the Pre-Series A funding round led by UAE-based NB Ventures, while Rajiv Dadlani Group also participated in the funding round. The company said that it would use the fresh funds to expand its team, roll out new product features and scale up customer acquisition initiatives.
“We have seen huge adoption of our app ever since we launched it last year. There is a strong acceptance among the parent-children community. We are now in the process of introducing new and exciting features while focusing on developing a user-friendly product,” said Shankar Nath, cofounder, Junio.
Founded in 2020 by Shankar Nath and Ankit Gera, Junio offers a ‘smart card’ that enables kids to make offline and online purchases. The company said it aims to digitize pocket money for children and be the preferred digital payment option. At present, Junio’s core user demographic includes children and teenagers in the 10 to 16-year age group.
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The New Delhi-based startup’s goal is to nurture discipline and awareness in children about how to manage money, in a fun and practical way. In addition, parents also have visibility on the spending patterns of children and guide them towards early lessons in money management.
“Shankar and Ankit have handled digital payments at scale earlier, and we are very impressed by the traction that Junio has been able to garner in a short time. Junio will cultivate a habit of digital payments among young children and create less dependence on cash,” said Neelesh Bhatnagar of NB Ventures.
“Pocket money is an age-old concept, and it has evolved over the years. Now, the Junio app is trying to revolutionize the sector by using technology and digitization. The pandemic has pushed us towards a cashless economy, and while pocket money and digital payment by kids are in their nascent stage in India right now, there is a huge potential,” Rajiv Dadlani said.
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