YOLO, a fintech startup, has successfully secured an undisclosed amount of funding in a pre-seed round. The funding was primarily led by Shuru-Up and Growth91, along with the participation of angel investors.
According to a press release, the fintech venture based in Delhi NCR plans to allocate the recently acquired funding towards various initiatives. These include product development, expanding their team, and implementing a comprehensive marketing and growth strategy, as per reported by Entrackr.
YOLO, a platform established in April 2022 by Shivansh Agarwal, a former employee of Razorpay, focuses on creating a payment app platform designed to encourage teenagers to engage in digital money transactions.
In addition, the funding will be utilized to facilitate the digitalization of college ID cards, integrating them with payment capabilities to enhance convenience and efficiency. The platform has scheduled the release of its dedicated YOLO Money app, exclusively designed for teenagers and colleges, in July 2023.
In a short period, YOLO asserts that it has successfully gained access to four universities, accommodating a total of 10,000 students, and has managed to establish a vibrant community of over 50,000 GenZ members.
YOLO offers teenagers the opportunity to acquire their initial card without the need to open a bank account. This card enables them to conveniently make payments for their purchases, both online and offline. Additionally, they can utilize the card to send money to their friends and engage in UPI transactions through the YOLO app.
Furthermore, parents have the option to add funds to their child’s YOLO account, allowing them to freely utilize the money as they wish, as long as they are under parental supervision, with no restrictions on when and where they can spend it.