Fyp, a neobank for teenagers, has acquired edtech startup Edunify as part of its expansion plans. With this acquisition, the company aims at expanding its user base through school tie-ups pan India, the company said.
Started in 2018, Edunify runs a pan-India school discovery platform with 1.2 lakh schools in 725 cities, helping around 1.5 lakh parents in their admissions journey since its inception and empowered 100+ schools in seven cities with their admission and fee management services.
Pockket Payment Technologies which owns Fyp brand is the brainchild of former ITC employee - Kapil Banwari founded in January 2021.
Based in Gurugram, the fintech venture Fyp is a neo banking app empowering teenagers with digital banking solution and financial products, helping them become smart with money decisions through in-app gamification features and bite-sized content, the company said. "At Fyp, we are building India’s largest neo bank for kids and teenagers. With schools owning a large part of our audience, we found Edunify as a natural fit to support our massive acquisition plans of teenagers and parents. The acquisition will help us in expanding our user base and to drive deep fintech integrations with schools as part of our larger strategy,” said Kapil Banwari, Founder and CEO, Fyp.
“Through this acquisition, we are doubling our current GMV by integrating with one of the existing partnered schools. We plan to replicate this model in over 100 tied-up schools in the next six to seven months. Currently, Fyp has acquired 5 lakh plus users within three months of its full product launch, and is adding 1.5-2 lakh users every month,” he added.
Partnered with Yes Bank and Visa Network, Fyp allows teens to receive and send money, and shop offline and online with a digital prepaid card number. The app can keep a track of all expenses at one place, the company said.
In April last year, Fyp had secured $2 million (Rs 14.9 crore) in Seed funding from angel investors.
Harsh Karamchandani, Co-Founder and CTO, Edunify, said, “We are delighted to be part of Fyp’s team and see great synergies with their vision to make teens and parents of India more financially aware, literate and empowered. We have worked with schools in all parts of the country in the last 3 years, and feel that our nation-wide school and parent network, combined with Fyp’s revolutionary fintech product can bring about a massive shift in how kids and teachers transact online.