Sequoia, Elevation join $38m round of Y Combinator-backed payments app

FamPay, an India-based payments app focused on teenage users, has raised US$38 million in its latest round of funding.

More funding details

• Lead investor: Elevation Capital
• Returning investors: Sequoia Capital India, Venture Highway, Y Combinator, and Global Founders Capital
• Other investors: General Catalyst, Rocketship VC, and Greenoaks Capital
• Stage: Series A

More company updates

• To fuel growth, FamPay will use the fresh funds to increase hiring for its leadership team across functions of technology, product, design, marketing, operations, and HR.
• The company says it has been averaging 100% growth every month in terms of registered users after racing past the 2 million mark within eight months of its launch in 2020.
• Sambhav Jain, co-founder of FamPay told Tech in Asia that they are looking at acquisition as well as organic expansion of their user base as the means of growing the company.
• The app allows teenagers to get a prepaid card without a bank account. FamPay aims to enable a financially aware generation that understands the fundamentals of personal finance.
• In March 2020, FamPay raised US$4.7 million in seed funding from Y Combinator, Venture Highway, Sequoia India, and Global Founders Capital. Angel investors also provided financing.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.