Kids pocket money has gone digital!
A New Delhi-based startup has launched a kid-focused digital pocket money app in India. Called Junio, this exclusive mobile app for children, has been unveiled and hopes to have 5 million users in around four years time.
Junio is said to be first-of-its-kind digital pocket money app for children in their pre-teens and teens.
The company says the idea is to enable kids to take charge of their own pocket money and savings with the help of their parents, and, in the process, nurture financial knowledge and discipline in them at an early age.
Junio allows parents to keep tabs
Apart from instant pocket money transfer, the app lets parents to keep a track of the spending made by children. Parents can also create in-app daily tasks for their kids and link them with perks. The app is integrated with features such as setting withdrawal limits for ATM and gives flexibility to parents to cancel the card at any moment using the app.
As you can see, it is a simple digital wallet-based smartcard that has been branded for kids as it allows parents to keep tabs on all transactions.
The startup digital pocket aims to have achieve a monthly active base of 2 lakh users in India, and aims to have 5 million users in 3-4 years time.
Kids-focused fintech is a new niche
Ankit Gera, Co-founder Junio said, “a child focused payment platform is a new concept in India and a space that is unexplored. Our aim is to meet the needs of young digital natives who are inclined towards a cash free world.”
The company raised Rs 10 crore in investments in its Angel Round last month.
Among others, its investors include Cred founder Kunal Shah, Bharat Pe CEO & cofounder Ashneer Grover, PolicyBazaar CEO Yashish Dahiya, InnoVen Capital MD & CEO Ashish Sharma, and Groww cofounder & CEO Lalit Keshre, among others.
Kids-focused fintech space is an emerging segment in India, and one another main player is FamPay. Fintech products for kids is a new concept in India, though it has been quite popular in the West.
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