[Funding alert] Fin-edtech startup Akudo raises $4.2M seed round from Y Combinator, JAFCO Asia, Incubate Fund India, and marquee angels

Akudo, a learning-focused neobank for teenagers in India, on Monday announced that it has raised $4.2 million in its seed round led by Y Combinator, JAFCO Asia, Incubate Fund India, and AET Fund. The round also saw participation from Tribe Capital, Cabra Capital, and  marquee angels like Lalit Keshre (Co-founder Groww), Rohit Taneja (Co-Founder Decentro), Anup  Singh (Ex Axis Bank, ICICI Bank), Romeen Sheth (Metasys), Sriram Krishnan (Ex Spotify, Tinder), Mohit  Daga and more. 

The young startup aims to utilise the funds to expand its team and further refine its product offering to reach millions of financially under-prepared and under-served teenagers in India.

Currently, the startup has over 1 lakh registered customers and has recorded a 75 percent week-on-week growth in transaction  volumes. The startup has also issued 25,000 + cards delivered across 360+ cities across India. 

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Commenting on this, Lavika Aggarwal, Co-founder, Akudo, said,

“We are deeply grateful to have  such experienced and established investors join our journey as we craft India's first learning focused 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 of South Asia investments, 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.”