Shuru-Up, Growth91, and angel investors led a pre-seed round of funding for the fintech startup YOLO, which raised an undisclosed amount.
According to a press release from the company, the fintech venture based in Delhi NCR will use the funding for team building, product development, and the implementation of a marketing and growth strategy.
Shivansh Agarwal, a former employee of Razorpay, founded YOLO in April 2022 with the goal of creating a payments app-based platform designed specifically to encourage teenagers to use digital money transactions.
In order to improve convenience and effectiveness, the funding will also support the digitalization of college ID cards by adding payment functionality to them. In July 2023, the platform will release its unique YOLO Money app for teenagers and colleges.
YOLO asserts that in a short amount of time, it has boarded over 4 universities with 10,000 students and created a community of more than 50,000 GenZ communities.
Without having to open a bank account, teenagers can get their first card through YOLO. They can send money to their friends, use the app to complete UPI transactions, and use it to pay for all of their purchases, both online and off.
Additionally, parents can simply add money to their child’s YOLO account and allow them to spend it however they want, whenever they want, as long as they are in their presence.