NEOBANKING STARTUPS - FOCUSING ON TEENAGERS

What is a Neobank ?

A neobank is a fully digital online platform, without having any physical branches. They operate in partnership with any scheduled bank in India.

How do they earn ?

The more you use their card for payments, they earn a fee from the merchant.

There are many NEO-BANKING startups ,some of them have been launched and some of them are either in building phase or in beta launch. Specially, There are two startups whose main focus is on teenagers :

1. FAMPAY

2. WALRUS

FAMPAY - INDIA'S FIRST NEOBANK FOR TEENAGERS

founded - 2019

founders - Kush Taneja and Sambhav jain

Investors - Y combinator, Sequoia and Venture highway

With fampay teenagers can get financial freedom without owing a bank account. Fampay provides a numberless RUPAY debit card in partnership with IDFCFIRST BANK to teenagers through which they can shop and spend.

On the app you can create your family account named FAMPOOL where parents can send fund to their childrens and can also keep a track.

Fampay is 100% safe and secure with bank level security. you can also block your card on the app itself.

It is really a boon for teenagers as they can enjoy financial freedom with their fam card and also they can learn about digital payments.

WALRUS - DEBIT CARD AND UPI PAYMENT FOR TEENAGERS

founded - 2019

founders - Bhagaban Behera and Sriharsha Setty

walrus is also building a neobank and a smart debit card for users. Walrus provides a MASTERCARD debit card in partnership with RBL Bank through which teenagers can spend and earn rewards.

Walrus aims to inculcate the idea of money , savings loans and insurance amongst teenagers. They want teenagers to learn financial education.

Through walrus you can order a customised debit card with the font of your choice and also you can get engraved your nickname on the card. 

walrus also provides bank level security and app based solution to manage its card.

Their idea is really unique and great and also that will help teenagers to know more about money world like savings, loan , insurance etc. 

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