The Gurgaon-based, Fintech start-up has recently announced the pre-launch of their management product for the Gen Z segment – the age group of 11 to 18 years of age.
The Neo Bank aims to go online by July-end, but it has started getting some traction amongst the target audience, including some young parents and teenagers. Recently, the company launched a waitlist section and the results are amazing. The company professionals were excited to see about 15,000 entries in their waitlist section. Amongst all their entries received till 15th July, at least 10,000 people tend to stand a chance to win a free prepaid card according to Kapil Banwari, the Founder and CEO of Fyp.
The Aim of the Start-Up
This start-up aims to bring a change in the pocket money management concept in our country. It will also help parents to their children develop financial literacy and become independent at an early age. Teenagers can use the Fyp app for all kinds of transactions, both offline and online. It involves specific gamification features to teach financial concepts to the Gen Z. One of the main features includes ‘Missions’ where parents and siblings can assign tasks in the app for which they will be rewarded.
Soon, the app will have some features where kids or teenagers can earn some money through communities. Users will also get an option to invest some of their savings to build some fortune for their potential needs, including college fees, bikes, mobile phones, or others.
The product is mainly based on four robust pillars: saving, earning, investing, and spending. The company wants kids to have a strong understanding of finances besides a practical knowledge of financial matters before getting their first job.
With the current response received, the start-up is expecting to have at least 1 million users for the Neo banking app by the end of this financial year. In addition to this, the company has developed its robust banking service platform to support the product. From now on, the start-up plans to lend its SaaS platform to other platforms, especially for B2C platforms, and develop a unique revenue stream.
The company has received $2 million as seed funding in April 2021 from angel investors to expand its team besides marketing initiatives. The company is in discussions to raise another round of funding with some significant capital investors in the pipeline to the current seed round and raise an investment of $20 million by the end of the financial year. The start-up aims to use the funds to hire human assets and strengthen the latest technology and marketing initiatives.
They also aim to take their products to major cities of our country and make their technology infrastructure robust and agile.