YC-Backed FamPay Launches First Numberless Payments Cards For Teens

Y Combinator-backed fintech startup FamPay, on Thursday (July 16), launched FamCard, a numberless card to allow teenagers to independently transact online with minimal intervention from parents.

However, the card requires top-ups from an adult but lets children spend it the way they want, under supervision. This relieves parents from giving children physical cash or their debit/credit card, and gives a sense of financial freedom to teens. FamPay believes that such an offering can efficiently teach children about financial management.

FamPay Bags $4.7Mn Seed Funding To Build Fintech Platform For Teenagers

Bengaluru-based fintech startup FamPay, on Thursday (March 12), announced a $4.7Mn seed funding round from Y Combinator, Venture Highway, Sequoia India and Global Founders Capital (GFC).

Founded by recent graduates of Indian Institute of Technology (IIT) Roorkee, Kush Taneja and Sambhav Jain, FamPay is currently building a payments network which will specifically cater to teenagers in India.