What is FamPay? FamPay Review

FamPay India Payment Platform is a payment platform that focuses on providing digital payment methods for Indian youth aged 12 to 18. Through cooperation with IDFC First Bank, users can obtain virtual debit cards provided by FamPay for consumption without having a bank account, and remittances can also be made between family shared accounts.

About FamPay

The two co-founders of FamPay are Kush Taneja and Sambhav Jain. The application they developed allows users to pay online and in-store through mobile applications, debit cards and UPI. Unlike other payment applications, FamPay focuses on close groups or families and can be used to split bills and remit money without any paperwork, hidden fees and minimum balance conditions. It is like creating a shared family account.

FamPay Development Background

There are currently 250 million young people in India, and it is difficult for them to access digital payment methods. The company hopes to help users develop good personal financial management concepts through its eponymous app.

FamPay Financing

In March 2020, FamPay received a seed round of financing of US$4.7 million. Investors in this round of financing include YC, Venture Highway, Sequoia Capital (India), Global Founder CAPItal and some angel investors. It is understood that this fund will be used to strengthen the technical foundation of its platform and expand the technical team.