Akudo raises $ 4.2 million in Neobank seed funding for learning for teens

Akudo raised $ 4.2 million in a round of seed funding led by education-focused Neobank, Y Combinator, Jafco Asia, Incubate Fund India and AET Fund for Teenagers in India.

Tribe Capital, Cabra Capital and Lalit Kesare (Co-Founder Grove), Rohit Taneja (Co-Founder Decentro), Anup Singh (Axis Bank, ICICI Bank), Roman Sheth (Metasis), Shriram Krishnan (X Spotifa), Tinder) , Mohit Daga and others have also participated in the round.

With the latest round of investments, the company aims to expand its workforce and further refine its product offerings to reach millions of financially unprepared and unskilled teenagers in India.

Akudo is a digital bank for teenagers in India. It is designed to raise generations of money-smart young Indians. The word ‘Akudo’ (pronounced Aku-do) comes from Igbo and means ‘peaceful wealth’.

Founded in August 2020 by IIT Roorkee and BITS Pilani alumni Lavika Agarwal, Sajal Khanna and Jagveer Gandhi, Akudo offers personalized debit cards that teens can use independently, with the aim of helping them save money and give them an attractive reward. gamified set up when they are good at their personal Finance.

Commenting on the accumulated capital, Lavika Agarwal, co-founder of Akudo, said,

“We are deeply grateful to such experienced and established investors for joining our journey as we build India’s first education-focused neobank for teens. It’s fun for teens. We think every teenager should get their Akudo card when they turn 13 and learn important lessons early. Akudo is committed to making a positive impact on teens’ families that will take the first step toward financial literacy and ultimately empowerment in the true financial direction. “

Currently, the Bengaluru-based startup has over 1 lakh registered customers and the volume of transactions has increased by 75 per cent week-on-week. The startup has issued more than 25,000 cards in 360 plus cities across India.

Akudo Money Management provides one-stop technology solutions for three dimensions of learning such as awareness, practice and habit building. Its goal is to empower adolescents in India with financial knowledge and independence.

Said Supriya Singh, South Asia Investment Head, Jafco Asia.

“Personal finance is largely unknown to young users. This is the right time to do it, and for young users, Akudo is the most responsible and thoughtful product for understanding the nuances of cost and savings. Lavika and Sajal are just right. People. “

With Akudo, teens can start banking under parental supervision within 2 minutes. They can also learn the golden principles of wealth through bite-sized videos and curated resources. The minds of minors can become accustomed to saving money through subtle features that reward children for saving more and achieve tasks / goals to earn pocket money and rewards.

Last month, Akudo raised an undisclosed amount in a pre-seed funding round led by Y-Combinator, Incubate Fund India and other Indian angel investors.

About the author

Author: Shalini Pathak

Shalini Pathak is a staff writer at EdTechReview (ETR) – India’s leading edtech media and community. She has four years of experience in the media, covering various beats. Like all writers, she is first and foremost an avid reader who loves to create box of content and has the ability to write on any topic. As part of the ETR team, she will focus on the latest Adtech startup stories and their funding from the Adtech industry.

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