Venture Catalyst Backs Money Manager App For Teens YPay The company plans to use the capital for developing technology, partnerships and expansion in 25 more cities.
By Shipra Singh •
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Digital payment platform YPay has raised an undisclosed sum from incubator and accelerator Venture Catalysts.
The company plans to use the capital for developing technology, partnerships and expansion in 25 more cities.
Founded by Navneet Gupta, YPay is a digital payment platform that helps teens to manage their spending. The app also allows parents to monitor and assist their children's development as they learn about money management in a controlled manner and safe environment.
The company also issues a card SmartCard that helps students adopt and conveniently manage digital payment for all purchases like books, stationeries, canteen, school fee etc. The company said this is done in a controlled environment by focusing on merchants who are mostly approached by the student demographic like the inside of schools and any hyperlocal market around schools.
"On the back of its unique IP, YPay is equipped to disrupt the USD 60 billion Indian school education market. It aims to allow students to digitally manage all school-premise transactions through its innovative smart card. Dr. Gupta is backed by a founding team with strong domain experiences and allied skill sets which, if harnessed effectively, can catapult the start-up to success in no time. The team has our full support as they set out on this new venture," said Apoorva Ranjan Sharma, Co-founder & President – Venture Catalysts.
YPay's app also allows parents to set their kids' daily spending limit, manage allowances, block/unblock the SmartCard and choose the stores where they can spend the money. For every transaction/purchase made, parents receive notifications that keeps them informed about the spending.
"For every transaction/purchase made, parents receive notifications that keeps them informed about the spending," the company statement said.
"Digital payment has become the heart and soul of our country's economy. So it only makes sense that children should be given financial literacy from a young age to make them understand the value of money and how to manage their finances," added Sharma.
Commenting on the investment, Dr. Navneet Gupta , founder, YPay, said, "This is the first time we are raising funds and we are very thankful to Dr Apoorva Ranjan from Venture Catalyst and Mr NeerajTyagi from We Founders Circle for showing trust in us and investing in YPAY."
