Kids-focused fintech platform Junio has raised seed capital from Kunal Shah.
Junio has allotted 75,000 convertible debentures at Rs 100 each to Shah’s QED Innovation Labs to raise Rs 75 lakh, regulatory filings show.
Founded by former Paytm senior vice president Shankar Nath along with Ankit Gera and Dibyajoti Choudhuri, Junio would act as a credit card and impart financial discipline to children, allowing them to make online and physical purchases. As per its website, it enables parents to control Junio’s smart cards through the app wherein they can create an in-app chore list and tie them with perks.
Junio would enable instant fund transfer, notifications, and the flexibility to cancel the card at any moment through the app. “Junio has been in talks with First Cheque for a while and the contours of the deal have already been finalized. The investment is set to chip in over the next couple of weeks,” said one of the sources requesting anonymity.