Junio, a kid-focused digital payments and pocket money app, has raised $6 million in pre-Series A funding round from UAE-based firm NB Ventures along with the participation of Rajiv Dadlani Group .
The fintech start-up will use the freshly raised capital to bolster its team, roll out new product features, and scale up customer acquisition initiatives. Founded by Shankar Nath and Ankit Gera, Junio aims to digitise pocket money for children.
The platform offers a ‘smart card’ that enables kids to make offline and online purchases. The start-up’s goal is to nurture, discipline and awareness in children about how to manage money, in a fun and practical way. Parents have visibility to the spending patterns of their children, and can guide towards early lessons in money management. The core users of the platform are between the age group of 10-16 years.
‘Strong response from parents, children’
Speaking on the development, Ankit Gera and Shankar Nath, Co-Founders of Junio, said, “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. We are delighted to have our new investors on board, and thank them for their support.”
Neelesh Bhatnagar of NB Ventures, said, “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. The scope for digital payments by children is immense, and we have barely scraped the surface. New , innovative use cases will emerge and Junio , with their superior product and market understanding, is well poised to leverage this.”
In 2021, Junio raised $2 million in funding from angel investors such as Kunal Shah and Yashish Dahiya, Venture Catalysts, and family offices led by the Rajiv Dadlani Group.