India-based FypMoney App said to raise $2m in seed funding

FypMoney App has reportedly collected $2m in a seed funding round, which will help it deepen its product development.

The round was supported by angel investors, including Liberatha Kallat, Mukesh Yadav and Dinesh Nagpal, according to a report from YourStory.

This capital injection will help FypMoney to bolster its product development, hire more staff and increase its marketing efforts.

FypMoney is also reportedly looking to raise another funding round later in the year to help it reach its goal of acquiring five million customers.

Based in India, FypMoney is a digital neo bank for teenagers. Its services include a debit card, instant money transfers, earn money through partner programs and make investments.

The company hopes to educate teenagers on the financial system and encourage them to have healthy habits.

Earlier in the year, retail investment platform Stockal scored $1m in its pre-Series A funding round. The Indi-based company provides retail investors in India, the Middle East and Southeast Asia with access to more than 3,500 companies.

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