Inventus Law client Akudo, a learning-focused neobank for teenagers, has raised $4.2 million in their seed round led by Y Combinator, JAFCO Asia, Incubate Fund India, and AET Fund. The round also saw participation from Tribe Capital, Cabra Capital, and angel investors like Groww cofounder Lalit Keshre among others.
The startup aims to use the capital infusion to expand its team of 12 to 50 over the next 12-18 months. It will also use the capital to refine its product offering to reach 1 million families in the next year. Currently, the startup claims to have over 100,000 registered customers with 75% week-on-week growth in transaction volumes. It has also issued over 25,000 cards.
Read more about their funding here.