Mumbai, January 19, 2021 – Fyp, one of India’s fastest growing neobank for teenagers has acquired EdTech startup, Edunify as part of its expansion plans. With this acquisition, the company aims at expanding its user base through school tie-ups pan India.
Started in 2018, Edunify runs a pan-India school discovery platform with 1.2 Lakh schools in 725 cities that has helped 1.5 L parents in their admissions journey since their inception and has empowered 100+ schools in 7 cities with their admission and fee management services.
Commenting on the acquisition, Kapil Banwari, Founder and CEO, Fyp said, “At Fyp, we are building India’s largest neo bank for kids and teenagers. With schools owning a large part of our audience, we found Edunify as a natural fit to support our massive acquisition plans of teenagers and parents. The acquisition will help us in expanding our user base and to drive deep fintech integrations with schools as part of our larger strategy.”
“Through this acquisition, we are doubling our existing GMV by integrating with one of the existing partnered schools. We plan to replicate this model in 100+ tied up schools in the next 6-7 months. Currently, Fyp has acquired 5 lakh+ users within 3 months of its full product launch and is adding 1.5 Lakh -2 Lakh users every month”, he added.
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Harsh Karamchandani, Co-Founder and CTO, Edunify, said, “We are delighted to be part of Fyp’s team and see great synergies with their vision to make teens and parents of India more financially aware, literate and empowered. We have worked with schools in all parts of the country in the last 3 years and feel that our nation-wide school and parent network combined with Fyp’s revolutionary fintech product can bring about a massive shift in how kids and teenagers transact online.”
Fyp is a Neo Banking app empowering teenager with digital banking solution and financial products at an early age and helping them become smart with money decisions through in-app gamification features and bite-sized content. With a user-friendly interface and top-notch safety, it’s extremely easy for teens and parents to use Fyp and make secure payments smoothly without any hassle.
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Fyp is for teenagers, therefore, security of their money is of utmost priority. Fyp allows teens to receive and send money to anyone, shop offline & online with a digital prepaid card number. The app can keep a track of all expenses at one place. In addition, Fyp is partnered with YES Bank and Visa Network which make sure to keep it safe.
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