Akudo, a digital bank for teenagers in India is set up to raise a generation of young Indians that are money smart. The name Akudo is derived from the word “Igbo”, the meaning of which is peaceful wealth. It was set up in August 2000, by BITS Pilani Lavika Aggarwal, Jagveer Gandhi, and Sajal Khanna, and IIT Roorkee alumni.
Akudo offers customized debit cards that can be used by teenagers by which they can save money and earn rewards under a so-called gamified setup if they are good with their finances.
Presently, the Bengaluru-based startup boasts of more than 1 lakh registered customers and as far as week-on-week growth is concerned, it has registered a 75 percent growth in transaction volumes. As many as 25,000 cards have been issued by the startup across more than 360 cities across the country.
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Objective
Akudo extends a one-stop technology solution to 3-dimensional learning related to money management that encompasses habit building, practice, and awareness. It aims at empowering and equipping the teenagers of India with financial independence and knowledge.
With the help of Akudo, under parental oversight, a teenager can start banking in less than 2 minutes. With the help of bite-sized videos, the company aims at teaching teenagers the golden principles of wealth.
The program also considers the interests of the minors as with the help of the principles, even minors can get into the habit of saving money with the help of an array of features and micro-features that reward children for learning good wealth and finance management skills.
Last month, with the aid of Y-Combinator, Incubate Fund India, and other Indian angel investors, it has raised money amounting to $4.2 m seed funding. It says that with the help of the funds, it aims at utilizing the same for expansion of the team and refining the products that it offers to millions of the financially “underprepared” and “underserved” teenagers in the country.
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