Learning-focused neobank – Akudo has announced that it has secured $4.2 million in the seed funding round led by Y Combinator, AET Fund, JAFCO Asia and Incubate Fund India. Tribe Capital and Cabra Capital along with other angels investors also participated in the funding round.
Speaking on the announcement, Nao Murakami, Founder and General Partner at Incubate Fund India, commented, “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.”
Lavika Aggarwal, Co-Founder of Akudo, stated, “We are deeply grateful to have such experienced and established investors join our journey as we craft India’s first learningfocused neobank for teenagers. This capital will help us hire the right team and build in-app intelligence and features which will make financial learning more enjoyable for teenagers. We want every teenager to own their Akudo card as soon as they turn 13 and learn crucial lessons early on. Akudo is also bound to positively impact families of teens who will undertake their first step towards financial literacy and ultimately towards true financial empowerment.”
Supriya Singh, Head – South Asia investments at JAFCO Asia, added, “Personal finance for young users has largely been unaddressed. This is the right time to do it and Akudo is the most responsible and thoughtful go-to product for the young users to understand nuances of spending and saving. Lavika and Sajal are just the right guys with the perfect mix of technical expertise and the understanding of the user group”
