[Funding alert] Streak raises seed round led by Inflection Point Ventures
The funds raised will be used for marketing, customer acquisition, strengthening the team, and technology.
Wednesday July 28, 2021,
3 min Read
An educational neo-bank for children, Streak, has raised an undisclosed amount in a seed round led by angel investment platform Inflection Point Ventures.
The startup said the funds raised will be utilised for marketing, customer acquisition, strengthening the team, and making further investments in technology, enabling them to effectively launch Streak and initiate the growth journey as they plan to grow to two million users in the next three years.
Ankur Mittal, Co-founder, Inflection Point Ventures said,
“Neo banking is the fastest-growing vertical within the fintech segment. Streak has identified a fast-growing niche – teenagers, who will be the next wave of customers to begin their credit and banking journey in a few years. We liked this approach of engaging with customers in the early stage as it leads to long term association and trust when it comes to banking and financial transactions.”
According to Streak, the teenage banking market stands at over $8 billion. The Financial Literacy Rate of adults in India is 24 percent and ranks at 121 out of 144 in the world. To improve this, Streak believes that the fundamentals of money should be taught early in life, to improve the financial literacy amongst the next generation in India.
Streak claims to have conducted a Financial Literacy Championship targeted at school students during the second week of May, receiving organic 3000+ registrations from 130+ schools and 60+ cities in two weeks. The startup has also launched a referral based sign-up program and have seen consistent growth in the waitlist signups for the app. The app will be soon available in both Google Play Store and the iOS App Store.
Shiv Bidani, Co-founder, Streak said,
“Streak is tailor-made for the Indian audience keeping in mind Indian parenting styles and cultural values. We believe that Streak will capture the minds and hearts of parents and children. With IPV’s support and expertise in the edtech and fintech space, we believe that we are positioned to create a significant impact in the ‘ed-fintech’ space.”
Streak aims to not merely become a payment solution but also enable teenage customers to be financially aware, empowered, and keen to learn more. Parents and Teens will work collaboratively on this platform so that parents stay involved in the financial decision-making process, enabling them to shape the child’s financial behaviour and financial prudence.
Streak was founded in 2020 by Mitul Mehta, Shiv Bidani and R Balaji who have worked at startups and MNCs like Cred, DGraph Labs and PwC and have a combined experience in marketing, growth and technology.
Edited by Anju Narayanan