In pre-series A round, Delhi-based fintech startup Junio raised USD 6 million on March 4, 2022. Junio is India’s first kid-focused digital payment and pocket money application. The funding came from UAE-based firm NB Ventures. It also saw significant participation from the Rajiv Dadlani Group.
Junio’s Utilization of Funds
The company plans to utilise the fresh capital for bolstering its team size. Besides, Junio seeks to roll out new product features.
The fintech startup intends to scale up its customer acquisition initiatives.
In the seed funding round, Junio raised USD 2 million from marquee angel investors. The investors included Cred founder Kunal Shah, Policy Bazaar co-founder Yashish Dahiya, Venture Catalysts. Rajiv Dadlani Group’s family-led offices also participated in the seed funding round.
What the founder has to say-
Shankar Nath, the co-founder of Junio, said, “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.”
What the investors have to say-
Neelesh Bhatnagar, managing director, NB Ventures, commented, “Shankar and Ankit have handled digital payments at scale earlier, and we are very impressed by the traction that Junio has been able to garner in a short time. The scope for digital payments by children is immense.”
“Pocket money is an age-old concept, and it has evolved over the years. The Junio app is trying to revolutionise the sector by using technology and digitisation. The pandemic has pushed us towards a cashless economy, and while pocket money and digital payment by kids are in their nascent stage in India right now, there is a huge potential. We are totally aligned with the vision of the team and happy to be a part of their journey, ” said Rajiv Dadlani.
About Junio
Delhi-based fintech startup Junio was founded in 2020. Former Paytm executives Ankit Gera and Shankar Nath brought Junio into existence. It aims to digitise pocket money for children and be the preferred digital payment option.
It offers a smartcard to its users that enables kids to make offline and online purchases.
Junio seeks to nurture discipline and awareness about money management in children in a fun, practical and engaging way. Besides, the platform enables the parents to impart early lessons in money management to their kids. Parents witness their children’s spending habits and guide them with the help of Junio.
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