Walrus is a mobile banking app aimed at teenagers and it has reportedly closed pre-seed capital to support its growth.
Better Capital led the investment, with contributions also coming from angel investors Myntra co-founder Raveen Sastry and ex-TaxiForSure founder and CEO Raghunandan G, according to a report from The Economic Times India.
The value of the investment was not disclosed.
With the round in the bag, the FinTech is looking to increase its team size and enhance its product capabilities, the article stated.
Walrus is a neobank and debit card which is specifically aimed at teenagers in India to improve the management of their finances. Kids 13 and up can use the mobile app to improve their financial education around savings, loans, insurance and more.
Customers can get a Walrus Card which can help the teenager spend smartly, track expenses and earn rewards. Furthermore, Walrus lets users send and receive money from friends and family.
The app is available on the Google Play store.
There have been a number of child-focused FinTechs to?crop up and raise capital.?Greenlight closed a $54m?Series B last year, while fellow kid-focused money management platforms?Jassby?and?FamPay?secured $5m and $4.7m in funding this year, respectively.
India has established a strong FinTech sector. Since 2015, there has been a total of $18.6bn through 563 transactions, according to FinTech Global data. Despite there being a lot of capital going into the sector, it has not been growing each year but has been fluctuating up and down.
Payments sector has received the lion share of India FinTech funding. Between 2015 and 2019, 71% of FinTech funding in the country has gone to companies focused on payments solutions. The next biggest space is marketplace lending, which has 12.7% of the capital share.
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