Bengaluru, Karnataka, India
- 50% of the users from Tier 2 cities – Patna, Lucknow, Indore, Ranchi
- Records a 100% MoM growth in the last five months
- Plans to reach 5 million+ households by the end of 2022
akudo, India’s learning-first neobank for teens, announced a staggering 500% increase in its registered user base in the last 5 months. The start-up has registered 1 million users on its platform, empowering teenagers to make financial decisions in a safe and controlled environment.
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From Right to Left: Sajal Khanna, Lavika Aggarwal, Jagveer Gandhi; Co-founders
akudo’s user base showcases how smaller cities and towns are also adopting tech solutions for personal finance. 50% of the 1 million users are from Tier 2 cities such as Patna, Lucknow, Indore, Ranchi, and Chandigarh with monthly spends equal to users in Tier 1 cities like Bangalore, Delhi, and Mumbai.
In September 2021, the start-up raised USD 4.2 million in its seed round led by Y-combinator, JAFCO, and Incubate India, to name a few. The start-up aims to reach more than 5 million households by the end of 2022 with an increased focus on building open financial communication amongst parents and children.
Commenting on the positive growth numbers, Lavika Aggarwal, Co-founder, akudo, said, “Just like acquiring a skill, developing positive habits around money is easier when you’re young. At akudo, we have created innovative practical and theoretical ways to introduce teens to the fundamental concepts of financial awareness and money management.
Research shows that we form most of our basic money habits by a very young age whereas, in the real social context, we only develop any money management skills when we’re an adult trying to manage our own finances. We are trying to leverage tech to build a community of parents and children that will have more prudent conversations and actions towards their finances to be financially responsible adults in the future. This tremendous growth is a visible indicator that we’re going in the right direction. Hopefully, we can reach more households in the coming years.”
akudo is helping teenagers start their journey to financial independence through their prepaid Visa card accompanied by family-friendly controls and oversight. The app also has a section dedicated to financial goal setting, savings, and a gamified rewards system to encourage teens to build healthy financial habits. The start-up has customers between the ages of 11 – 18 years using their prepaid card to utilise pocket money or spend on daily expenditures.
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