Did you used to get pocket money before the age of 18 to manage your expenses? I personally used to get a fixed & tiny pocket money after 10th, thanks to my parents.
When I was in college, I stayed away from my hometown, in a PG with a roommate, unlike me, he didn’t had a fixed or tiny pocket money, he used to get an X amount from his father whenever the previous X amount got over.
I was always a bit envious, as to why he has a free flowing pocket money, whereas I have to manage everything (Travel, Accommodation & Misc expenses) in a fixed amount.
Fast forward 7 years, I’m a lot thankful to my parents for both -
# giving me pocket money, and
# keeping it fixed (mostly) on a monthly basis.
This helped me in learning how to manage my finances better, which definitely helped, once I got into a job.
Btw this is exactly what Sambhav Jain, guest of our today’s episode is trying to do with his company Fampay.
Fampay, being a virtual card prepaid card for teenagers, enables them to do online transactions and manage their finances, eventually educating them to be more financially aware down the line as grown-ups.
Recently after adding 2 million+ registered users on platform Fampay raised USD 38 million in funding from Elevation Capital and others.
During the podcast, Sambhav shares with us how he came across the idea behind Fampay, what were the initial challenges when they approached several banks with this concept and more.
Notes -
02:02 - Graduating from IIT Roorkee and working in Product roles
06:28 - Concept of pocket money in western countries
09:14 - Problem statement of financial literacy among kids in India
16:25 - Initial discussion with Elevation Capital & achieving PMF
20:05 - Driving hyper-growth with campus ambassadors
28:14 - Building the product like a community rather than a transactional app
30:02 - Initial response from traditional banks
32:53 - Working of a Fampay wallet
34:48 - Adoption of technology among teenagers
