YOLO developing payment app for teenagers raises undisclosed amount in pre-seed round

Delhi NCR-based fintech platform YOLO raised an undisclosed amount in a pre-seed funding round led by Shuru-Up, Growth91, and Angel Investors.

The startup plans to use the raised funding for the development of a pioneering payments app-based platform tailored specifically for promoting the usage of digital money transactions for teenagers. 

Apart from this, It also plans to focus on the digitalization of college ID cards, combining them with payment functionality for greater convenience and efficiency.

YOLO said it aims to launch its exclusive Money app for teenagers and colleges in July 2023.

With only 16.7% of the GenZ population under financially literate segment, it’s high time that India make a move towards focusing on providing the best systems for financial education and financial freedom to the most engaging, educated and high demanding population of India. “Our payments platform resonates with Gen Z, offering them a passport to a cashless, interconnected world, where transactions are effortless, secure, and aligned with their dynamic lifestyle.”

YOLO claims to have onboarded over 4 universities with 10000 students and built a community of more than 50000 GenZ community in a short span of time. "We are overwhelmed with the response received so far and aim to serve a larger customer base of half a million individuals by the end of this fiscal year," said Shivansh Agarwal, Founder and CEO, YOLO.

The startup said despite being the most tech-savvy, GenZ usuallyhave no bank accounts, no access to digital payments, and are completely dependent on one of the most antiquated modes of payment – cash. Looking at this, The founders decided to create the first accounts for this target group along with a spending card and spend tracking platform.

“We are thrilled with the enthusiastic response and support we have received during our pre-seed funding round,” said Shivansh Agarwal. “Our goal is to empower teenagers with the tools they need to manage their finances confidently and responsibly. We believe that by digitalizing both payments and college ID cards, we can simplify their lives, make payments convenient, get access control easily, and help them develop essential financial skills that will benefit them in the long run," Shivansh added.

Notably, YOLO is actively seeking strategic partnerships with educational institutions, payment processors, and financial service providers to enhance the platform further. 

Kedar Dave, Co-Founder, Shuru-Up said, “We are thrilled to see the innovative approach YOLO is taking towards promoting digital money transactions among teenagers. By tailoring their services specifically for teenagers, YOLO is poised to simplify student’s life. We are confident that their user-friendly interface, robust security measures, and focus on education will not only drive adoption but also cultivate responsible financial habits among young users. YOLO’s vision aligns perfectly with the evolving landscape of digital payments in India, and we are excited about the potential growth and impact they can achieve in this space.”

Jyoti Agarwal, Co-Founder, YOLO, said, “The funds raised will be utilized on product development, team building, and executing marketing and growth plan. We are targeting half a million users by the end of this financial year. And in the next three years, the plan is to acquire five million users. We would be raising another round of investment by the end of August to achieve our first milestone of half a million users. At present, we are in the product development stage.”

YOLO also offers a Card which can be availed without a bank account and can be used for all online and in-store purchases, send money to their friends, and make UPI payments through the app.

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