Fin-ed-tech startup Akudo has raised a Pre-Seed round from Y-Combinator, Incubate Fund India, and other Indian angels investors earlier this year.
Founded in August 2020, Akudo is a digital bank for teenagers in India, providing them with a personalized debit card that can be used independently. The startup aims to help teenagers save money and give them exciting rewards under a gamified set-up when they're good at personal finance.
"Teenagers have been ignored from the fintech revolution in India. Akudo’s financial literacy and neo banking approach fulfils requirements of both teenagers and parents so we believe it will grow very fast by creating a new economy around that.” Nao Murakami, Founder and General Partner of Incubate Fund India
According to the startup, it's incredibly easy for teenagers to save through auto-save and round-up-your-spends features that tangibly promote the value of savings as a habit. It has also integrated lots of bite-sized videos explaining important financial concepts within the banking experience for teenagers.
And it's all tied together through a gamified rewards journey where there are different levels within the app, and teenagers progress through levels by earning different badges, which gamifies practical learning about money for them.
Akudo is crafting the concept of “learning-first banking” where financial learning is seamlessly integrated right where and when you bank. Lavika a Co-founder at Akudo
Nine weeks after it officially launched, the company claims to have 60,000+ registered customers and has issued 12,000+ cards. The startup also claimed that transactions through its platform have been growing 98 percent week on week and that its cards have been delivered to 350+ cities across India.
Akudo has also partnered with VISA and RBL Bank to facilitate banking for teenagers.
