Fyp, a Gurugram-based neobank for teenagers, has acquired EdTech startup Edunify as part of its expansion plans. The company did not disclose the financial details of the deal.
With this acquisition, Fyp said it aims to expand its user base through school tie-ups across India.
Started in 2018, Edunify runs a pan-India school discovery platform with 1.2 Lakh schools in 725 cities, helping parents find, shortlist, and apply to the best schools with a common application form. The startup claims to have helped over 1.5 lakh parents in their admissions journey since its inception and empowered over 100 schools in seven cities with its admission and fee management services.
Commenting on the acquisition, Kapil Banwari, Founder & CEO of Fyp, said,
"At Fyp, we are building India’s largest neobank for kids and teenagers. With schools owning a large part of our audience, we found Edunify as a natural fit to support our massive acquisition plans of teenagers and parents. The acquisition will help us in expanding our user base and to drive deep fintech integrations with schools as part of our larger strategy.
Through this acquisition, we are doubling our existing GMV by integrating with one of the existing partnered schools. We plan to replicate this model in over 100 tied-up schools in the next six-seven months. Currently, Fyp has acquired over 5 lakh users within three months of its full product launch and is adding 1.5 lakh -2 lakh users every month."
Harsh Karamchandani, Co-founder & CTO of Edunify, said,
"We are delighted to be part of Fyp’s team and see great synergies with their vision to make teens and parents of India more financially aware, literate, and empowered. We have worked with schools in all parts of the country in the last 3 years, and feel that our nationwide school and parent network, combined with Fyp’s revolutionary fintech product can bring about a massive shift in how kids and teachers transact online."
Fyp, which is owned by Pockket Payment Technologies, is a neo banking app that empowers teenagers with digital banking solutions and financial products, helping them become smart with money decisions through in-app gamification features and bite-sized content. The app, in partnership with Yes Bank and Visa Network, allows teens to receive and send money, and shop offline and online with a digital prepaid card number. It also helps teens keep a track of all their expenses in one place, according to the company.