Funds raised will be used for marketing, customer acquisition, team building and technology
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July 28, 2021
3 minutes to read
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Streak, an educational neo-bank for children, said on Wednesday it had raised an undisclosed amount in a Seed Round led by angel investment platform Inflection Point Ventures.
The funds raised will be used for marketing, customer acquisition, team building and new investments in technology, allowing them to effectively launch Streak and begin the growth journey as they plan to move on. to 2 million users over the next 3 years.
“Neo-banking is the fastest growing vertical in the financial technology segment. Streak has identified a fast growing niche: teens, who will be the next wave of customers to begin their credit and banking journeys in a few years. We liked this approach of interacting with your customers early on because 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 create in their app to educate our kids about financial discipline. With India being a young country, Streak is also addressing a large target market, ”said Ankur Mittal, co-founder of Inflection Point Ventures.
The teen banking market is an $ 8 billion market. The adult financial literacy rate in India is 24% and ranks 121st out of 144 in the world. To improve this, Streak believes the fundamentals of money should be taught early in life, in order to improve the financial literacy of the next generation in India. Streak had hosted a financial literacy championship for school students in the second week of May, receiving over 3,000 organic registrations from 130 schools and over 60 cities in 2 weeks. They also launched a referral-based enrollment program and have seen a steady growth in waitlist enrollments for the app. The app will soon be available on the Google Play Store and the iOS App Store.
“Streak is tailor-made for the Indian audience with Indian parenting styles and cultural values in mind. We believe Streak will capture the minds and hearts of parents and children alike. With the support and expertise of IPV in the edtech and fintech space, we believe that we are positioned to create a significant impact in the ‘ed-fintech’ space ”, added Shiv Bidani, co-founder of Streak .
Streak aims not only to become a payment solution, but also to empower teenage customers to be financially aware, empowered, and eager to learn more. Parents and teens will work collaboratively on this platform to keep parents involved in the financial decision-making process, enabling them to shape the financial behavior and financial prudence of the child.