Former Paytm hands Shankar Nath and Ankit Gera launch Junio, pocket money app for kids

Junio, a kid-focused digital pocket money app, has announced its launch in India. The launch comes soon after the Delhi-based digital pocket money startup raised Rs 10 crs in its Angel Round last month.

Junio is a first-of-its-kind digital pocket money app for children in their pre-teens and teens. Co-founded by former Paytm alumni Shankar Nath and Ankit Gera in September 2020, the aim is to enable kids to take charge of their own pocket money and savings with the help of their parents. Further, the idea is to nurture financial knowledge and discipline in them at an early age.

In addition to instant pocket money transfer, the app also allows parents to keep a track of the spending made by children. It also lets parents create in-app daily tasks for their kids and tie them with perks. The app is integrated with features such as setting withdrawal limits for ATM and gives flexibility to parents to cancel the card at any moment using the app.

Speaking on the launch, Ankit Gera, Co-founder Junio said, “ A child focused payment platform is a new concept in India and a space that is unexplored. Now, as we are moving towards a cashless economy, the popularity of the digital payments space will grow more than ever before in the years to come. We are thrilled to launch a first-ever kids-focused digital pocket money app in the country. Our aim is to meet the needs of young digital natives who are inclined towards a cash free world. At the same time, we feel it is important that children learn about money management during their formative years. With the launch of Junio, we envision creating a community of financially smart and empowered young generation.”

In the first year, the startup targets to have a monthly active base of 2 lakh Junio card users in India, and aims to have 5 million users in the coming 3-4 years.

Junio is backed by prominent founders, angel investors and HNIs in India including Kunal Shah (Cred), Ashneer Grover (Bharat Pe), Yashish Dahiya (PolicyBazaar), Ashish Dave (Mirae), Ashish Sharma (InnoVen), Lalit Keshre (Groww), Deepak Abbot (Indiagold) and Pravin Jadhav (Raise).

(We got this information in a press release).