Teen Fintech Pencilton raises $330Ok pre-seed from neobank Jupiter

Pencilton, a teen-focused fintech startup, has raised $330Ok in a pre-seed spherical led by neobank Jupiter, or Amica Monetary Applied sciences Pvt. Ltd.

A number of profitable founders resembling Nilesh Patel, Prashant Singh (Founders of LeadSquared), Ashish Sharma (MD, Innoven Capital), Abhishek Goyal (Founding father of Tracxn), Himanshu Sharma (Founder, Aspiring Minds), Kunal Sinha (Founder, GlowRoad), Vignesh Ramanujam (Accomplice at Spoonfeed) and angel investor Tirumalareddy Karri participated within the spherical.

Pencilton provides a first-of-its-kind debit card, PencilCard, to youngsters and college students to assist them handle their bills whereas educating them the fundamentals of cash administration.

Based by Vishwajit Pureti, Ashish Singh, Pallavi Tipparaju, and Viraj Gadde in 2020 allow monetary inclusion and digital monetary literacy.

With the brand new funding, Pencilton goals at product enhancement by constructing industry-leading backend methods for card issuance, administration, and additional launching of upgraded merchandise.

VishwajitPureti, Co-founder and CEO, Pencilton, stated, ” This sound is predominantly of nice strategic significance because it serves as a automobile for us to have a few of the greatest minds from the fintech, in addition to the startup ecosystem, be part of us on our mission. It provides us entry to stellar experience throughout fintech, fundraising, GTM, consumer acquisition, and extra to assist navigate the subsequent steps as we scale.”

Pencilton has lately launched the PencilCard, a RuPay debit card for teenagers throughout India that may be activated and managed by way of the Pencilton app. Teenagers can use the debit card to handle, obtain and spend their pocket cash by means of the assistance of the Pencilton app. As well as, mother and father can even use the app to present pocket cash, setting parental controls such because the spend limits, approval of cash requests, and so forth.

Speaking about their funding, Rahool Gadkari, Director of Product, Jupiter stated, “Jupiter could be very excited to put money into Pencilton. The teenager/pre-teen banking phase is nascent and multiplying. We imagine that the Pencilton crew understands the house properly and is fixing the wants of each children and fogeys. At Jupiter, we’ll proceed to take a position or companion with groups which might be fixing issues adjoining to our personal and assist make our ecosystem stronger.”