Junio Raises $6 Million In Pre-Series A Round Led By UAE-based Firm NB Ventures
Funds will be utilized to bolster its team, roll out new product features and scale up customer acquisition initiatives
Kid-focused digital payments and pocket money app, Junio, on Friday announced to have raise $6 million in pre-Series A funding round led by UAE-based firm NB Ventures with significant participation from the Rajiv Dadlani Group. Funds will be utilized to bolster its team, roll out new product features, and scale up customer acquisition initiatives.
"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," said Ankit Gera and Shankar Nath, co-founders, Junio, in a joint statement.
The fintech market has been growing by leaps and bounds. The market was valued at $50 billion in 2020. However, the market will be worth approximately $150 billion by 2025. The transaction value in the fintech space is also set to grow from $66 billion in 2019 to $138 billion in 2023, at a compounded annual growth rate of 20 per cent, according to Invest India, a national investment promotion and facilitation agency.
"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," said Neelesh Bhatnagar, NB Ventures.
Junio aims to digitize pocket money for children and be the preferred digital payment option. The platform offers a "smart card' that enables kids to make offline and online purchases. The New Delhi-based startup's goal is to nurture discipline and awareness in children about how to manage money, in a fun and practical way. Junio has users spread across the length and breadth of the country. The core users are 10-16 year old children who have embraced all things digital.