Latest News | Fypmoney Raises Rs 15 Cr in Seed Funding from Angel Investors

New Delhi, May 3 (PTI) Financial technology firm Fypmoney on Monday said it has raised Rs 15 crore from angel investors in seed funding round that it will use for team building, product development and executing its growth plan.

The company has received funds from Dreamfolks founder and managing director Liberatha Kallat, Dreamfolks directors Mukesh Yadav and Dinesh Nagpal.

"We are happy to receive the funding in our first round of fund raiser presentation itself which showcase that the strength of idea for this new product which is expected to revolutionize the current scenario of digital payments in the Teenager Segment. Seed Funds Raised will be utilized on product development, team building and executing marketing and growth plan," Fypmoney founder Kapil Banwari said in a statement.

The company is in process of launching financial app targetting youth which will BE based on principal of earning, wise spending, saving and investing.

"We are targeting one million users by the end of this financial year. And future three years plan is to acquire 50 lakh users. We would be raising another round of Investment by the end of the year to achieve our 50 lakh user goal. At present, we are in the product development stage," Banwari said.

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