Akudo, a learning-first neobank for teenagers in India, has raised $4.2 million in its seed round led by Y Combinator, JAFCO Asia, Incubate Fund India and AET Fund. Tribe Capital, Cabra Capital and angels such as Groww cofounder Lalit Keshre and others have also participated.
The funding proceeds will be used to expand its team of 12 to 50 over the upcoming 12-18 months, to refine its product offerings to reach millions of financially under-prepared and under-served teenagers in India, said Akudo in a press release.
Founded by Lavika Aggarwal, Sajal Khanna and Jagveer Gandhi, Akudo is a digital bank for teenagers in India. It provides personalised debit cards that can be used by them independently, with the aim to help them save money, and gives them exciting rewards under a gamified set up when they’re good at their personal finance.
Since its inception, the startup claims to have over 100,000 registered customers. It has also issued over 25,000 cards which have been delivered to over 350 cities across India.