YPay, a digital payment platform, secures an undisclosed seed investment by Venture Catalysts
YPay has launched India's first smartcard for students which can be used for any digital transaction in a controlled environment like a school premise
Founded by Dr. Navneet Gupta, the start-up is a digital payment platform that enables young teen students to gain financial literacy, learn as well as manage their personal spending. The app also empowers the whole family to monitor and assist their children's development as they learn about money management in a controlled manner and safe environment. Through its unique SmartCard, YPay helps students adopt and conveniently manage digital payment for all purchases like books, stationeries, canteen, school fee etc. This is done in a controlled environment by focusing on merchants who are mostly approached by the student demographic like the inside of schools and any hyperlocal market around schools. In the process, YPay aims to help hyperlocal businesses generate more revenue while providing kids with a real-world lesson in financial responsibility.
Dr. Apoorva Ranjan Sharma, Co-founder & President – Venture Catalysts, added, "Digital payment has become the heart and soul of our country's economy. So it only makes sense that children should be given financial literacy from a young age to make them understand the value of money and how to manage their finances. On the back of its unique IP, YPay is equipped to disrupt the USD 60 billion Indian school education market. It aims to allow students to digitally manage all school-premise transactions through its innovative smart card. Dr. Gupta is backed by a founding team with strong domain experiences and allied skill sets which, if harnessed effectively, can catapult the start-up to success in no time. The team has our full support as they set out on this new venture."
To keep the whole process even more secure and safe, the app allows parents the option to set their kids' daily spending limit, manage their allowances, block/unblock the card and choose the exact stores where they can spend the money. For every transaction/purchase made, parents receive notifications that keeps them informed about the spending.
About Venture Catalysts
Venture Catalysts is India's first integrated incubator. It invests $250K – $1.5 Million in early stage start-ups that have potential to create enduring value for over a long period of time. Over the last few years, it has been instrumental in developing and nurturing the country's vibrant startup ecosystem with a strong presence in Tier 2& 3 markets. Venture Catalysts brings a lethal combination of Capital, Mentoring and Business Network to help investee companies to succeed. Their innovation provides value to start-ups through its extensive angel network, funding, community, services and co-working facility. Venture Catalysts is focussed on providing startups with access to continuous capital from fund, investor network, Tier 1 founders & CXOs, and family offices besides providing them with market access from corporates and global growth programs.
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