Junio raises $6 mn in pre-series A round led by UAE-based NB Ventures

Junio, a kid-focused digital payments and pocket money app, announced on Friday that it has raised $6 million in pre-series A funding. NB Ventures, based in the United Arab Emirates, led the funding round. The Rajiv Dadlani Group also took part in the round.

The newly raised capital will be used to bolster the Fintech startup’s team, roll out new product features, and scale up customer acquisition initiatives.

Junio, founded by Shankar Nath and Ankit Gera, provides a “smart card” that allows children to make both offline and online purchases. The company stated that its goal is to digitise pocket money for children and become the preferred digital payment option, as well as to instil discipline and awareness in children about how to manage money in a fun and practical way. “Parents have visibility into their children’s spending patterns and can guide them toward early lessons in money management,” Junio said in a statement.

The capital will be used by the Delhi-based startup to expand its team, launch new product features, and scale up customer acquisition initiatives.

“Since we launched our app last year, we’ve seen massive adoption.” The parent-child community has a high level of acceptance. We are currently in the process of introducing new and exciting features while concentrating on developing a user-friendly product. “We are thrilled to have our new investors on board and grateful for their support,” said co-founders Gera and Nath in a joint statement.

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Junio raised $2 million last year from a group of angel investors that included Kunal Shah and Yashish Dahiya, Venture Catalysts, and family offices led by the Rajiv Dadlani Group.

Neelesh Bhatnagar of NB Ventures commented on the funding, saying, “Shankar and Ankit have previously handled digital payments at scale, and we are very impressed by the traction that Junio has been able to garner in such a short time.” Junio will instil the habit of digital payments in young children, reducing their reliance on cash. The potential for digital payments by children is enormous, and we have only scratched the surface. New innovative use cases will emerge, and Junio, with its superior product and market understanding, will be well positioned to capitalise.”