Fintech startup YOLO has raised an undisclosed sum in a pre-seed round led by Shuru-Up, Growth91 and angel investors.
The Delhi NCR-based fintech venture will be using the funding for product development, team building, and executing a marketing and growth plan, the firm said in a press release.
Founded in April 2022 by Ex-Razorpay employee Shivansh Agarwal, YOLO aims at the development of a payments app-based platform tailored specifically for promoting the usage of digital money transactions for teenagers.
The funding will also support the digitalization of college ID cards, combining them with payment functionality for greater convenience and efficiency. The platform is set to launch its exclusive YOLO Money app for teenagers and colleges in July 2023.
YOLO claims to have boarded over 4 universities with 10,000 students and built a community of more than 50,000 GenZ communities in a short span of time.
Teenagers can obtain their first card through YOLO without having to open a bank account. They can use it to pay for all of their purchases both online and offline, send money to their friends, and conduct UPI transactions using the app.
In addition, parents may simply top up their child’s YOLO account and let them spend the money anyway they like, anytime and anywhere, as long as they are under their supervision.
