The digtial payments space for children and youngsters is very large and there is enough space for a few players to thrive with either similar or different approches.
1. Brief us about your company, its business model and operations.
Aiming to digitize pocket money for kids, we co-founded Junio in late 2020. We are a Delhi-based startup and we have launched Junio, a first-of-its-kind digital pocket money app for pre teens and teens.
With Junio, your child doesn’t need to borrow your card ever again or ask you for the OTP. It is because Junio serves as a smart card for them which they can use for all their online and offline purchases or. It ensures that they are never out of money during an emergency, or when you are somewhere else. Junio is a prepaid debit card and so, children can only spend the amount loaded on the card. You can also assign tasks for your child. Once they complete them, they can earn digital pocket money. All in all, Junio nurtures financial knowledge, discipline as well as promotes interactivity, and desirable behavior amongst children at an early age. The app is currently available on the Google Play Store.
2. What are the unique key points (USP) of your company?
We at Junio, aim to create a community of financially smart and empowered young adults. Moreover, our idea is to digitize pocket money for children while nurturing financial knowledge and discipline amongst them at an early age. At present, online shopping is on the rise and many children are avid shoppers . Most of the time, they end up borrowing their parent’s debit and credit cards to make online payments. Moreover, you give cash to your kids as pocket money, wherein they are mostly spending online.
Therefore, Junio, a first-of-its-kind digital pocket money app for children, is addressing these need gaps. The smart card lets your child make physical and digital purchases using digital pocket money. Through Junio, children can now learn vital monetary concepts such as earning, saving up for big-ticket items, and budgeting in a fun and practical way. It allows you to create in-app daily tasks for your kids and tie them with perks to inspire them to earn some extra cash. Well, Junio card is one of the best gifts for your little ones!
3. How are you different from the existing competitors?
The digtial payments space for children and youngsters is very large and there is enough space for a few players to thrive with either similar or different approches.
4. What is the monetization model?
There is a fee of Rs 99 charged to every user who orders the physical card (virtual card is free). Nominal MDR is earned on the card spends too.
5. What challenges are you facing in running your business?
Given the pandemic situation, the topmost priority is the health of our employees and the well-being of their families. We have had employees and their families being affected by Covid. But thankfully they have recovered and we are returning to some semblance of normalcy.
6. Impact of the pandemic? How has been your customer’s response so far post lockdown?
The pandemic has obviously jolted several businesses. However, it accelerated digital payments like never before. Junio was launched in March/April 2021 and within a month of its launch, it crossed 50,000 users. It is, therefore, no secret that the app has found strong acceptance among the parent-children community as a way for kids to learn valuable lessons about money management and finance.
7. What are the traction details (achievements of the company)?
Recently, we raised an additional Rs. 5 crore in funding from Venture Catalysts, HNI investors, and Family Offices led by the Rajiv Dadlani Group. To date, Junio has raised a total of Rs 15 crore in its seed round. As already mentioned, the app also crossed 50,000 users within a month of its launch.
8. How do you look at expansion?
For the moment we will look only at the Indian market . We will add more product features , strengthen our team and launch more customer acquisition initiatives in the in the next few months.
9. What are your marketing plans?
Our marketing will be a mix of digital, offline marketing, and alliances. However, currently, we are focussing on online marketing.
10. What has been the biggest learning so far?
Given that we have the Bank and Mastercard between the customer and us, we have to make make sure all the different elements work efficiently for a smooth customer experience.
11. What is the market size and opportunity?
The market is as large as the edtech market in India, if not larger. It is early days yet but strategic execution will be the key.
12. What are your future plans, with respect to the Indian Market?
Like Greenlight Debit Card is empowering parents and kids in the US, we are aspiring to do the same in India. In the future, we would like Junio to be the preferred mode of payment by children for all their online and offline spends. By the end of this year, we target to deploy 2 lakh Junio smart cards pan India.
Source: Business World
