Streak, An educational Neo-bank for children, today announced it has raised an undisclosed amount in a seed funding round led by angel investment firm Inflection Point Ventures.
According to the statement, Streak will infuse the raised capital in marketing, customer acquisition, strengthening the team, and making further investments in technology, enabling them to effectively launch Streak and initiate the growth journey as they plan to grow to 2 million users in the next 3 years.
This is IPV’s 21st deal for 2021, likely to invest Rs 155 crore across 60 plus startups.
Speaking on the development, Shiv Bidani, Co-Founder, Streak said:
“Streak is tailor-made for the Indian audience keeping in mind Indian parenting styles and cultural values. We believe that Streak will capture the minds and hearts of parents and children. With IPV’s support and expertise in the Edtech and Fintech space, we believe that we are positioned to create a significant impact in the ‘ed-fintech’ space.”
Commenting on the investment, Ankur Mittal, Co-Founder, Inflection Point Ventures, said:
“Neo banking is the fastest-growing vertical within the fintech segment. Streak has identified a fast-growing niche – teenagers, who will be the next wave of customers to begin their credit and banking journey in a few years. We liked this approach of engaging with your customers in the early stage as it leads to long-term association and trust when it comes to banking and financial transactions.”
“As a parent, I can also appreciate some of the unique features they are building in their app to educate our children about financial discipline. India being a young country also means Streak is going after a large target market,” he adds.
Founded in 2020 by Mitul Mehta, Shiv Bidani & R Balaji, Apart from payments solutions platforms, The startup is also aiming to make teenagers be financially aware, empowered, and keen to learn more.
The platform helps parents and teens to work collaboratively so that parents stay involved in the financial decision-making process, enabling them to shape the child’s financial behavior and financial prudence.
According to the startup, The teenage banking market stands an $8+ billion market. The Financial literacy rate of adults in India is 24% and ranks at 121 out of 144 in the world. To improve this, Streak believes that the fundamentals of money should be taught early in life, to improve the financial literacy amongst the next generation in India.
The startup said that it had conducted a Financial Literacy Championship which was targeted at school students during the second week of May, receiving organic 3000+ registrations from 130+ schools & 60+ cities in two weeks.