Fin-edtech startup Akudo raises $4.2 mn seed round from Y Combinator, others – Mint Innovation

MUMBAI: Akudo, a learning-focused neobank for teenagers in India, on Monday said it has raised $4.2 million in a seed round led by Y Combinator, JAFCO Asia, Incubate Fund India, and AET Fund. 

The round also saw participation from Tribe Capital, Cabra Capital, and marquee angels like Lalit Keshre (Co-founder Groww), Rohit Taneja (Co-Founder Decentro), Anup Singh (Ex Axis Bank, ICICI Bank), Romeen Sheth (Metasys), Sriram Krishnan (Ex Spotify, Tinder), Mohit Daga and more.

The young startup aims to utilise the funds to expand its team and refine its product offering to reach millions of financially under-prepared and under-served teenagers in India. Currently, the startup has over 1 lakh registered customers and has recorded a 75% week-on-week growth in transaction volumes. 

The start-up has also issued 25,000 + cards delivered across 360+ cities across India.

Commenting on the fund raise, Lavika Aggarwal, co-founder, Akudo, said, “…This capital will help us hire the right team and build in-app intelligence and features which will make financial learning more enjoyable for teenagers. We want every teenager to own their Akudo card as soon as they turn 13 and learn crucial lessons early on.”

Supriya Singh, head of South Asia investments, JAFCO Asia, said, “Personal finance for young users has largely been unaddressed. This is the right time to do it and Akudo is the most responsible and thoughtful go-to product for the young users to understand nuances of spending and saving. Lavika and Sajal are just the right guys with the perfect mix of technical expertise and the understanding of the user group”

Akudo is India’s first learning-focused neobank for teenagers to help them save money and unlock exciting rewards. Founded in August 2020 by IIT Roorkee and BITS Pilani alumni Lavika Aggarwal, Sajal Khanna, and Jagveer Gandhi, Akudo provides personalised prepaid visa cards to teens and promotes financial first learning environment through features such as auto-save. 

Teens are rewarded for their good financial behaviour through engaging gamified reward systems which make practical learning fun and engaging. The startup offers a one-stop solution for learning money management through awareness, practice, and habit building.

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