Payments Firm FamPay Raises $38 Million

FamPay, an Indian financial technology platform, recently announced that the company has secured $38 million in funding. Elevation Capital led the latest Series A investment round.

According to an official announcement, the company’s existing investor Sequoia Capital India also participated in the funding round. In March 2020, FamPay secured $4.7 million in funding from various investors, including Y Combinator, Venture Highway, Sequoia Capital India and Global Founders Capital.

FamPay claims to be India’s first neo-bank for teens. The company is making online and offline Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term convenient for teenagers in the country through the FamPay app and FamCard. The company has crossed 2 million customers within 8 months of its launch.

Commenting on the latest Series A funding round, Sambhav Jain, Co-Founder at FamPay, said: “We are thrilled to welcome new investors and to see the confidence of our early investors reinforced during this round. With around 40% of the Indian population being below 18, every year millions of new teenagers will start using their first smartphone and FamPay envisions becoming their go-to brand. By connecting with the young, we are building an early relationship with the future adults most brands eventually want to tap, making FamPay the gateway for brands to target GenZ.”

FamPay mentioned that the company’s early investors including Y Combinator, Global Founders Capital and new global investors like General Catalyst, Rocketship VC and Greenoaks Capital also supported FamPay in the latest investment round.

India and Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term

Financial technology platforms in India have gained immense popularity in the last few years. According to a report published by RBSA Advisors in February 2021, India became the top fintech destination in Asia as the country’s financial technology sector attracted $647 million in investment across 33 deals during the second quarter of 2020.

“It’s the most tech-savvy generation as they haven’t seen a world without the internet. They adapt to technology faster than any other target audience and their first exposure with the internet comes from the likes of Instagram and Netflix,” Jain added.