Financial services startup, Junio, raises $1 million investment for its upcoming mobile fintech app and smart card services for children.
Junio was founded in September of last year and has plans to launch its app next month. The company’s website allows users to sign up to receive notifications upon the app’s launch.
The startup is working to help create financial literacy and understanding in children through its upcoming services. The app will allow parents to digitize children’s pocket money, monitor their children’s spending, provide instant transfers for emergencies and auto transfers for regular allowances.
As part of the learning process, Junio’s app will also allow parents to create specific task lists for their children to complete in exchange for pocket money. Children using the app can spend their digital pocket money on purchases online or in-stores.
“In the months ahead, we will focus on building an intuitive, user friendly product along with sustainable customer acquisition initiatives,” Ankit Gera, Co-founder at Junio said, as reported by Economic Times.
Investors in the round include Kunal Shah, Ashneer Grover and Yashish Dahiya, among others. The Delhi-based startup has future plans to grow its customer base to 2.5 million by 2024. The startup previously raised a seed investment round worth $3 million in December 2020, bringing its total funds raised to $4 million.
The current round will be put toward continued business growth and product development, as well as plans to expand its geographical presence, among others.
(Picture courtesy: Junio)
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