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FamPay

From EverybodyWiki Bios & Wiki


FamPay
Type of businessPrivate
Type of site
Financial service, Online shopping, Payment systems
Available inMultilingual
Country of originIndia
Area servedIndia
Founder(s)Kush Taneja, Sambhav Jain,
IndustryE-commerce, Finance
ProductsFamCard
Websitewww.fampay.in
RegistrationRequired
Launched29 November 2019 "FamPay set to launch". Unknown parameter |url-status= ignored (help)
Current statusactive

FamPay is an Indian e-commerce payment system and financial technology company, based in Bengaluru, Karnataka, India. [1][2][3]

History[edit]

Fampay was founded in August 2019 by IIT Roorkee graduates Kush Taneja and Sambhav Jain for teenagers and their families.[4] FamPay works with NPCI [5] to support online money transfers and serves as an electronic alternative money method like UPI and P2P.[6] The company is partnered with IDFC Bank [7] and is connected with RuPay payment network of merchants.[8] As per the company, Fampay is a number-less debit card only for teenagers and their family.[9][10]

In March 2020, FamPay has raised an investment of $4.7 million in a seed round from Y Combinator, Venture Highway, Sequoia India, and Global Founders Capital.[11][12]

Funding and Investments[edit]

FamPay is funded by 12 investors. Y Combinator and Soma Capital are the most recent investors.[13][14]

Year Funding Rounds Total Funding Amount
2020 1 $4,700,000 [15]
2019 Pre-Seed $150,000

References[edit]

  1. "What is FamCard". Jagranjosh.com. 2020-07-27. Retrieved 2020-12-26.
  2. "FamPay launches 'numberless card' for teenagers - Latest News | Gadgets Now". Gadget Now. Retrieved 2020-12-26.
  3. "FamPay is set to launch India's first and biggest Digi-Fest for teens". ZEE5 News. 2020-11-04. Retrieved 2020-12-26.
  4. "FamPay launched India's 1st numberless card, Famcard". affairscloud.com. Retrieved 2020-12-26.
  5. "This is India's first numberless payments card". Hindustan Times Tech. 2020-07-16. Retrieved 2020-12-26.
  6. "FamPay launches 'numberless' payments card for teenagers". The News Minute. 2020-07-17. Retrieved 2020-12-26.
  7. "IDFC FIRST Bank FamPay Card". www.idfcfirstbank.com. Retrieved 2020-12-26.
  8. Network, BFSI (2020-07-16). "FamPay launches India's First Numberless Card". Retrieved 2020-12-26.
  9. Bhasin, Tinesh (2020-07-28). "New-age savings bank accounts for minors can make children money-savvy". mint. Retrieved 2020-12-26.
  10. Shukla, Neeraj. "FamPay: FamPay launches 'numberless card' for teenagers". OTNEWS. Retrieved 2020-12-26.
  11. Upadhyay, Harsh (2019-09-12). "Exclusive: YC-backed FamPay in talks to raise up to $8 Mn from Sequoia and Lightspeed". Entrackr. Retrieved 2020-12-26.
  12. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2020-12-26.
  13. "FamPay Funding". Unknown parameter |url-status= ignored (help)
  14. "FamPay - Funding, Financials, Valuation & Investors". Crunchbase. Retrieved 2020-12-26.
  15. PYMNTS (2020-03-12). "Family Digital Payment App FamPay Raises $4.7M". www.pymnts.com. Retrieved 2020-12-26.


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