Children’s pocket money app Junio has raised $6 million led by UAE-based NB Ventures, with significant participation from the Rajiv Dadlani Group.
The startup said that fresh funds will use to expand team, roll out new product features and scale up customer acquisition initiatives.
“We have seen huge adoption of our app ever since we launched it last year. There is a strong acceptance among the parent-children community. We are now in the process of introducing new and exciting features while focusing on developing a user-friendly product,” said Shankar Nath, cofounder, Junio.
Founded in 2020 by Shankar Nath and Ankit Gera, Junio is children’s pocket money app for all online and offline expenses. With the Junio card, children’s can learn how to earn, spend and save.
“Shankar and Ankit have handled digital payments at scale earlier, and we are very impressed by the traction that Junio has been able to garner in a short time. The scope for digital payments by children is immense,” said Neelesh Bhatnagar, managing director, NB Ventures.
Junio promotes interactivity, desirable behaviour, and financial understanding in the children. Tasks such as making the bed, cleaning the car, etc can be set for your child, on completion of which the child earns more pocket money. Children also learn how to save up for the big-ticket item they so badly want, and earn “interest” from you on the amount they save.