Financial services startup, Pencilton, raises $330,000 for its banking services for teens

admin / July 30, 2021 / Fintech, India, NewCrop, Startups

Hyderabad-based banking and fintech startup, Pencilton, raises new investment round worth $330,000. 

The startup’s services, including a debit card and mobile app, are aimed at teenagers in order to encourage financial management and literacy. Pencilton also offers specific features aimed at parents, including controlling and adjusting spending limits and transferring money directly to their accounts. 

The pre-seed investment round will be put toward releasing new services and features, as well as product development plans, among other aspects.

“The teen/pre-teen banking segment is nascent and growing rapidly,” Jupiter’s Director of Product, Rahool Gadkari, said, as reported by Economic Times. “We believe that the Pencilton team understands the space and is solving both kids’ and parents’ needs.”

Investors in the round include Jupiter, Nilesh Patel, Prashant Singh, Ashish Sharma, Abhishek Goyal, Himanshu Sharma, Kunal Sinha, Vignesh Ramanujam and Tirumalareddy Karri, among others

“This round is important as it serves as a vehicle for us to have some of the best minds from the fintech and startup ecosystem, join us on our mission,” co-founder of Pencilton, Vishwajit Pureti said. “We are going to announce many industry-leading initiatives that will help bring the best of fintech tools and digital financial literacy to students across India.”

(Picture courtesy: Pencilton)

 

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