Figuring Outย โขย 7m
These two guys made a $200 Million Startup in genre which everyone ignored! (But now it's failing) So it was 2019, online payments' usage was rising and had become a norm for many. All fintech companies were spending millions to onboard users but the forget one group who were soon gonna dominate when it comes to spending. And that was GenZ! Looking a this, Kush Taneja and Sambhav Jain started FamPay, a Neo bank that allowed teens to make online and offline payments without having the need to set up their bank accounts. Investors loved this idea and teens couldn't stop joining it. They raised $4.7 Million in seed funding from Y-Combinater and soon from Giants like Sequoia as well. They were onboarding a ~million user every year and reached to the peak of 10 Million in 2022! But there was a problem! IDFC Bank ended its payment partnership with FamPay in Feb 2023. This forced account holders to exhaust their balance within a short deadline and led to a continuous decline of users. Also it way the funding winter and their expenses were going crazy! In FY23, They spent โน120 Cr to earn a single digit revenue of 7cr. Thus now as last hope, they're focusing on being more of a regular UPI app and they are doing great at it. And they have aldredy registered more than 50 million transactions through UPI in July 2024 which surpasses that of apps like WhatsApp, MobiKwik and Flipkart UPI. So, Do you think they can bounce back?
BUILDING @somethingย โขย 1y
๐ฅ๐ฅ๐ FAMPAY IT IS !!! Meet Sambhav Jain and Kush Taneja , IIT Roorkee grads who co-founded FamPay, the neobank for teens. Dedicated to reshaping how teens engage with money , FamPay offers a secure and intuitive digital banking platform tailore
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Medialย โขย 4m
๐๐ฎ๐ ๐ฐ ๐ผ๐ณ ๐ง๐ต๐ฒ ๐๐ป๐ฑ๐ถ๐ฎ๐ป ๐ฆ๐๐ฎ๐ฟ๐๐๐ฝ ๐ช๐ฎ๐ฟ ๐ฆ๐๐ผ๐ฟ๐ถ๐ฒ๐: ๐ฃ๐ฎ๐๐๐บ ๐๐. ๐ฃ๐ต๐ผ๐ป๐ฒ๐ฃ๐ฒ ๐๐. ๐๐ผ๐ผ๐ด๐น๐ฒ ๐ฃ๐ฎ๐ โ ๐ง๐ต๐ฒ ๐๐ถ๐ด๐ถ๐๐ฎ๐น ๐ฃ๐ฎ๐๐บ๐ฒ๐ป๐๐ ๐ช๐ฎ๐ฟ ๐ง๐ต๐ฎ๐ ๐ง๐ฟ๐ฎ๐ป๐๐ณ๐ผ๐ฟ๐บ๐ฒ๐ฑ ๐๐ป๐ฑ๐ถ๐ฎ ๐ฎ๐ฌ๐ญ๐ฒ โ ๐ง๐ต๐ฒ ๐ก๐ถ๐ด๐ต๏ฟฝ
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Dexter Capital Advisorsย โขย 1y
Paytm shareholders are ignoring this? ๐๐ The fintech giant was the only UPI app to be making money on UPI. And now thatโs no more possible. Here's all you should know! .. The thing is, NPCI (via Govt grants) compensates the banks to up keep the
See MoreHey I am on Medialย โขย 4m
today i was in one of the axis bank branches and the way branvh head was talking to her team members she was just lambasting gi 50 lakh target li 50 lakh target fd 50 lakh target i was just updating the pass book i asked fd is okay what is gi and li
See MoreFiguring Outย โขย 5m
How Chime Became Americaโs Biggest Neobank! So Back in 2012, Chris Britt and Ryan King realized that people were living paycheck to paycheck while banks were making billions from overdraft fees, monthly charges, and intrests. Thus, they decided to
See MoreFiguring Outย โขย 2m
The $12 Billion QCom Startup You Never Heard Of! This is the story of Getir, a QCom startup founded by Nazฤฑm Salur in 2015 in Istanbul. Urban living was becoming more fast-paced, and there was a growing demand for instant access to everyday items w
See MoreHey I am on Medialย โขย 5m
More than *1 in every 5 accounts* under the *Pradhan Mantri Jan Dhan Yojana* had turned inoperative by December 2024 which accounts for *21% of Total Jan Dhan accounts๐ฆ๐ฆ* *Bank of Baroda* has the highest number of inoperative accounts at *29 milli
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