Walrus, Bengaluru based neobank has secured an undisclosed amount of funding in pre-seed funding round on 15th July, 2020. The round was led by Better Capital, an early backer of neobanks in India including investments in Open, Khatabook, Jupiter, Slice and Yelo. The PaaS (Platform As A Service) is focused on providing banking solutions for teens and young adults.
Angel investors including Raghunandan G (Ex-Founder and CEO of TaxiForSure, Raveen Sastry (Co-founder, Myntra) and Brijesh Thakkar among others also participated in the round. The company claims to deploy the funding to enhance product features and expand the team.
Walrus is a digital-only banking platform targeted to teenagers aged 13 and upwards. Its services can be utilized by anyone up to the age of 22. The PaaS provides them a secure and “Gen Z-like” banking solution that helps them in controlling and managing their money. Parents could also use the app for transferring money to their kids via UPI, who can then spend the money.
Established in 2019 by Bhagaban Behera (CEO), Nakul Kelkar (COO) and Sriharsha Setty (CTO), Walrus was set up with a mission to help teenagers and young adults develop financial literacy at an early age.
In a statement, Behera said, “Financial literacy is an important aspect of life which most people learn very late in life. In India, we usually learn the importance of these life skills in our early or late 30s by which time most of us have already made a lot of financial mistakes. We allow parents to educate and financially support their children in their first steps using a digital financial product.”
The peculiarity of the app is that teenagers do not need to open a bank account to use Walrus. It just require to install the app, add money and pay merchant (s) via UPI QR code or using the Debit Card for e-commerce purchases. Vaibhab Domkundwar claims to have 200 million such teenagers who daily experience money & money management in a new way with Walrus.
Walrus is also building teens-only network known as “Club Walrus” for networking and learning things like building products, digital marketing, entrepreneurship etc from Industry experts.
Although the startup is in beta, it is witnessing a strong demand for its product from teenagers and is seeing a high engagement and retention amongst its beta users.