In the dynamic landscape of finance and technology, Kapil Banwari, a certified Cost and Management Accountant from the Institute of Cost Accountants of India, stands out as a visionary entrepreneur. With a robust background in finance, including seven years at ITC in various financial roles, Kapil recognized the significant gap in financial literacy, particularly among children. In 2021, he took a bold step by founding Fyp, a fintech startup dedicated to empowering children with financial knowledge from an early age.

Kapil’s journey in the corporate world, honing his financial expertise, laid the foundation for his entrepreneurial venture. While at ITC, he observed a notable lack of financial literacy across various age groups. Colleagues from diverse departments sought his advice on personal finance, tax filing, and investment management. This experience illuminated the need for financial education, especially among children.

Transitioning from corporate finance to entrepreneurship, Kapil identified the potential to create a platform that could teach children about finance in an engaging and accessible manner. Leveraging his belief that teaching children is more straightforward than teaching adults, he set out to establish Fyp as a fintech solution tailored for children.

In a crowded space occupied by neobanks like Junio, FamPay, and Walrus, Fyp distinguishes itself by prioritizing financial literacy. Fyp’s core objective goes beyond facilitating payments; it aims to educate children about financial concepts through gamification and bite-sized video content. Understanding the immense growth potential in the global neobank market, Fyp is strategically positioned to cater to India’s young population, where more than half is under the age of 18.

Fyp’s uniqueness lies in its acquisition of Edunify, an edtech startup, earlier this year. This strategic move enhances Fyp’s capability to expand its user base through collaborations with schools nationwide. By integrating financial literacy into its offerings, Fyp envisions becoming a trusted banking partner for pre-teens and teenagers, offering convenience in banking services.

Fyp operates as a neobank, partnering with YES Bank for wallet services and Visa for its online and physical cards. Its revenue model primarily relies on interchange fees levied by banks on merchants for payment processing. The startup also issues physical cards linked to Fyp accounts, catering to users interested in both virtual and physical transactions. Additionally, Fyp explores revenue streams by associating with children-centric brands, providing a platform for marketing on its app.

Since launching its Minimum Viable Product (MVP) in September 2021 and the main product in December, Fyp has witnessed remarkable traction. With over eight lakh downloads across Android and iOS, the startup boasts daily active users ranging from 40,000 to 45,000. Having processed more than 2.5 lakh transactions, Fyp has positioned itself as a significant player in the teen-focused neobanking space.

Kapil’s leadership at Fyp reflects his commitment to bridging the financial literacy gap for the next generation. The startup’s target audience, aged between 11 and 21 years, resonates with the broader trend in teen-focused neobanking. Impressively, 70 to 75 percent of user acquisition for Fyp has occurred organically, underlining the relevance and appeal of its offerings.

In early 2022, Fyp successfully secured a seed round of $2 million, signaling investor confidence in its vision and potential. Currently in the process of raising its next investment round, Fyp continues its mission to empower children with financial knowledge and redefine their banking experiences.

As Kapil Banwari leads Fyp into the future, the startup stands as a beacon for financial inclusion and education. By fostering a generation of financially literate individuals, Fyp contributes to building a more empowered and economically savvy society.

In a strategic move, V. Raman Kumar’s CASHe, an AI-driven credit-led wellness platform, has ventured into the wealth management space through the acquisition of Gurgaon-based Sqrrl in an all-cash deal. The move aligns with CASHe’s vision 3.0, aiming to transform into a comprehensive financial wellness platform. The acquisition, backed by CASHe’s recent equity funding of Rs. 140 crores, marks a significant step towards offering a holistic suite of financial services to its user base.

CASHe’s vision 3.0 focuses on evolving into a full-stack wellness platform catering to the evolving needs of its user demographic. With over 20 million users on its credit-led wellness platform, CASHe is strategically expanding its offerings to include wealth management services. The acquisition of Sqrrl, an established player in the vernacular WealthTech space, presents a synergistic opportunity to integrate credit and investment solutions seamlessly.

The acquisition enables CASHe users, predominantly millennials and GenZ, to access Sqrrl’s digitally enabled, mobile-first investing platform. This platform facilitates byte-sized investments, allowing users to kickstart their investment journey with amounts as minimal as Rs. 100. CASHe’s foray into the WealthTech space reflects its commitment to addressing the diverse credit and investment needs of the new-age Indian demographic.

CASHe’s acquisition of Sqrrl is supported by its robust financial position, with surplus capital facilitating the all-cash deal. This move comes on the heels of CASHe’s successful equity funding round of Rs. 140 crores from TSLC Pte Ltd, its Singapore-based holding company. The acquisition positions CASHe for accelerated growth and reinforces its commitment to delivering innovative financial solutions.

The acquisition brings together CASHe, a credit-led wellness platform with a massive user base, and Sqrrl, India’s first vernacular app in the WealthTech space, serving over 5 lakh users across 600 cities. The synergies between the two platforms create a unique proposition, combining credit and investment services to meet the comprehensive financial wellness needs of the evolving Indian consumer.

V. Raman Kumar, Founder Chairman of CASHe, sees the acquisition as a crucial milestone in realizing CASHe’s vision 3.0 roadmap. The integration of credit-led services with Sqrrl’s digital-first wealth and investment management offerings aims to provide multi-product access and next-gen financial wellness solutions.

Samant Sikka, Co-founder of Sqrrl, expresses confidence in the move, anticipating the scale-up of the wealth management business by offering Sqrrl’s investment products to CASHe’s extensive customer base. The strategic focus remains on stable and sustainable growth in the wealth management segment.

As V. Raman Kumar steers CASHe into the WealthTech domain, the brand is poised to become a one-stop financial wellness destination. CASHe’s commitment to offering diverse financial products aligns with the evolving preferences of its user base. The acquisition of Sqrrl propels CASHe into a new era, reinforcing its position as a leader in the financial wellness space.

In conclusion, V. Raman Kumar’s strategic vision, coupled with CASHe’s robust financials, positions the platform for significant growth. The integration of credit and wealth management services through the acquisition of Sqrrl marks a pivotal moment in CASHe’s journey towards holistic financial wellness for the millennial and GenZ demographic.

In a significant stride towards transforming offline commerce, DotPe, the Gurgaon-based offline payment service provider and commerce platform, recently secured a substantial $55 million in a funding round led by Temasek. This funding injection, along with the backing of notable investors such as PayU Fintech Investment, Info Edge Ventures, MUFG Bank Ltd, and Naya Global Investments, underscores DotPe’s growing prominence in the digital commerce landscape. The total fundraise now stands at an impressive $90 million, a testament to the platform’s robust growth and innovative offerings.

Founded in 2020 by Shailaz Nag, co-founder of PayU, along with Gyanesh Sharma and Anurag Gupta, DotPe has been on a trajectory of rapid evolution. The company offers a comprehensive suite of payment and commerce solutions tailored for offline retailers. DotPe empowers these businesses to digitize their operations seamlessly, providing not only payment solutions but also order management services and customer engagement tools, including marketing and logistics.

The recent funding round, spearheaded by Temasek, signifies a vote of confidence from key players in the investment landscape. The participation of investors such as PayU Fintech Investment, Info Edge Ventures, MUFG Bank Ltd, and Naya Global Investments further solidifies DotPe’s strategic positioning in the market. The total fundraise includes a $27.5 million Series A round from PayU, Info Edge, and Google in March 2021, as well as a $7.5 million seed round in February 2020.

The regulatory filing indicates the issuance of equity shares and Series C cumulative compulsory convertible participatory preference shares at an issue price of Rs 5,91,525 per share. Post-allotment, PayU will retain a 22.6% stake in DotPe on a fully diluted basis. Temasek’s investment arm, V-Sciences Investments Pte Ltd, will hold a 7.75% stake, and MUFG Bank will secure a 3.88% stake in the company.

DotPe’s value proposition extends beyond payment processing, encompassing a full-stack approach to commerce solutions. The platform’s services include order management, enabling businesses to streamline their operations efficiently. Additionally, DotPe provides customer engagement solutions, contributing to marketing efforts, logistics, and overall brand enhancement. In a strategic move to diversify its offerings, DotPe acquired the billing point of sale (POS) company Rishta in September 2021. This acquisition marked DotPe’s foray into the point-of-sale business, expanding its capabilities and reach within the broader commerce ecosystem.

DotPe’s impact is felt on a global scale, boasting a substantial customer base of approximately 7.5 million merchants worldwide. The platform has successfully extended its services to prominent brands such as Barista, Social, Wat-a-Burger, The Big Chill Cafe, and BiryaniBlues, showcasing its versatility and adaptability across diverse business sectors. The visionary leadership of Shailaz Nag, Anurag Gupta, and Gyanesh Sharma has been instrumental in shaping DotPe’s trajectory. Leveraging their collective expertise, the co-founders have positioned DotPe as a transformative force in the realm of offline commerce, redefining how businesses engage with digital solutions.

As DotPe continues to innovate and expand its footprint, the infusion of $55 million in fresh funding serves as a catalyst for future growth. The platform’s commitment to digitizing offline commerce aligns with broader industry trends, where seamless digital experiences are becoming imperative for businesses to thrive in an evolving market landscape.