Junio raises $6 Mn led by NB Ventures

Pocket money app for children, Junio has raised $6 million led by UAE-based NB Ventures with significant participation from the Rajiv Dadlani Group.

The New Delhi-based startup will use the fresh funds to expand its team, roll out new product features and scale up customer acquisition initiatives.

Founded in 2020 by Shankar Nath and Ankit Gera, Junio offers a smart card that lets children make physical and online purchases through its app, allowing them to use their digital pocket money. The startup’s goal is to nurture financial knowledge and discipline in children at a young age.

The mobile app also allows parents to create in-app daily tasks for kids to earn perks and track their spending.

Last year, Junio had raised $2 million in seed funding from angel investors including Cred founder Kunal Shah; PolicyBazaar cofounder Yashish Dahiya; and Venture Catalysts.

Junio competes with Sequoia-backed FamPay which had raised $38 million last year in a round led by Elevation Capital.