Digital payments and pocket money app for kids Junio stated that it had raised USD 6 million in a Pre-Series A fundraising round led by UAE-based NB Ventures, with the Rajiv Dadlani Group playing a key role.
The Fintech firm plans to use the extra funds to expand its team, introduce new product features, and ramp up client acquisition efforts.
Junio, created by Shankar Nath and Ankit Gera, intends to digitise children’s pocket money and become the preferred digital payment method. The platform provides a “smart card” that allows children to make purchases both offline and online. The purpose of the New Delhi-based firm is to instil financial discipline and knowledge in children in a pleasant and practical way. Parents can see their children’s spending habits and help them learn about money management at a young age.
Ankit Gera and Shankar Nath, Co-Founders of Junio said, “Since we introduced our app last year, we’ve seen massive uptake. The parent-child community has a high level of acceptance. We’re currently working on adding new and exciting features while focusing on making the product more user-friendly. We are delighted to have our new investors on board, and thank them for their support.”
Neelesh Bhatnagar of NB Ventures said, “Shankar and Ankit have previously handled large-scale digital payments, and we’re impressed by Junio’s rapid growth. Junio will teach young children how to make digital payments, reducing their reliance on cash. The potential for youngsters to make digital payments is enormous, and we have only scratched the surface. Junio, with their outstanding product and industry insight, is well positioned to capitalise on new, inventive use cases.
“Pocket money is a centuries-old concept that has changed over time. Using technology and digitization, the Junio app is now attempting to change the sector. The pandemic has pushed us towards a cashless economy, and while pocketmoney 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.
Junio received USD 2 million in fundraising in 2021 from well-known angel investors like Kunal Shah and Yashish Dahiya, Venture Catalysts, and family offices managed by the Rajiv Dadlani Group.
Junio, which is headquartered in Delhi, has users all around the country. The primary users are children aged 10 to 16 who have embraced all things digital.