Payments app for teenagers Fampay said to close round on $4.7m

Fampay, a payments app aimed at teenagers, has reportedly bagged $4.7m in seed funding which was led by Y Combinator, Venture Highway, Sequoia India and Founders Capital.

A handful of angel investors also contributed to the round including Twitch co-founder Kevin Lin, Robinhood co-founder Vladimir Tenev, Cred founder Kunal Shah and Pine Labs chief executive Amrish Rau, according to a number of reports in the media.

With the new funds, the FinTech is looking to enhance its infrastructure, expand its engineering team and boost growth.

Alongside the round closure, the FinTech has launched out of stealth mode and will now be available on mobile devices. The startup will also be issuing cards in partnership with IDFC Frist Bank, according to the reports.

There are options for both virtual cards and physical cards.

India-based FamPay is aimed at teenagers in India, giving them a payment app and card. The application helps teenagers take control of their finances and create a pooled account for all family members.

To ensure security, the app is backed by face ID and fingerprint authentication.

Earlier in the month, family-focused money management app Jassby scored $5m in its funding round. The company helps children improve their money management skills, letting them earn money from parents for completing chores and receiving allowances.

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