Former Paytm executives to launch kids focused fintech startup Junio
Former Paytm executives to launch kids focused fintech startup Junio – Former Paytm senior vice chairman Shankar Nath has turned entrepreneur after a two-year-long sabbatical as he is also the co-founder of Junio with another Paytm alumnus Ankit Gera. this is able to be the second entrepreneurial gig for Nath and therefore the maiden one for Gera.
Junio may be a kids-focused open-end credit that lets them make digital and physical purchases. It’s almost like Y-Combinator-backed FamPay. Junio acts as a MasterCard and imparts financial discipline to children, consistent with its website.
It allows parents to regulate smart cards through the app wherein they will create in-app chore lists and tie them with perks. Junio also enables instant fund transfer, notifications, and adaptability to cancel the cardboard at any moment through the app.
The app is yet to be launched and consistent with Entrackr sources, it’ll go sleep in a couple of weeks from now as several former Paytm executives including Amit Lakhotia, Deepak Abbot, Amit Bagaria, Saurabh Vashishtha, Nitin Misra, and Amit Sinha who have donned entrepreneurial hats. Bagaria and Vashishtha run social commerce platform SimSim while Lakhotia launched the parking app Park+.
Abbot and Misra run the fintech app indiagold. Importantly, of these executives had made a big fortune at Paytm through ESOPs. Sources emphasized that Nath and Gera haven’t any plans to boost funds within the immediate future.
Entrackr has reached bent Gera to realize more insight about Junio, but he’s yet to reply. we’ll update the story just in case Gera responds as he served Paytm as a chief marketing officer or CMO for about five years (Dec 2013 to Nov 2018). After moving from Paytm, he was on sabbatical for 2 years. Gera spent over four and a half years at the SoftBank-backed firm.
While the kids-focused fintech space is during a very nascent stage in India, Junio would compete with Sequoia-backed FamPay. Launched in early 2019, the Bengaluru-based firm had raised $4.7 million during a seed funding round from Y-Combinator, Sequoia India, and Global Founders Capital.
Kids-focused fintech and neo-banks are a replacement concept in India, but they need been evangelized by several startups within the US and therefore the West. Atlanta-based Greenlight is one of the first entrants within the space within the US. It started kids-focused smart cards in 2017 and recently became a unicorn with $250 million infusions from TTV Capital, Canapi Ventures, DST et al.
Step and Paris-based PIXPAY have also been building kids focused on banking solutions. In June 2020, Step raised a $22 million round from Stripe while PIXPAY nabbed 8 million euros in March this year.
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