In a world where teenagers are digital natives spending pocket money online but often stuck with cash or parental oversight, FamApp stepped in as India’s first neo-bank designed just for them.
Founded in 2019 by IIT Roorkee kids Sambhav Jain and Kush Taneja while still in college, this fintech gem empowers teens with safe UPI payments, and numberless cards, all without needing a traditional bank account. FamApp aims towards raising a generation of financially independent young Indians who can spend, save, and dream big responsibly!
In this blog, we’ll delve into the story of FamApp and its founders.
About FamApp
FamApp (previously, FamPay) was founded in 2019 by IIT Roorkee graduates Kush Taneja and Sambhav Jain, is a Bengaluru-based fintech startup focused on empowering teenagers with financial independence and literacy.
Its flagship product is a numberless debit card paired with a mobile app, allowing teens to make secure online and offline payments without needing a traditional bank account.
Parents can easily transfer money to their teens through the app, enabling supervised spending and helping young users build smart money habits from an early age.
Meet the Founders
FamApp’s journey wouldn’t be what it is today without the vision of its founders. Let’s take a quick gander at the brains behind the brand!
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Kush Taneja
Kush Taneja, the co-founder of FamApp, is a Bengaluru-based entrepreneur and IIT Roorkee alumnus (Class of 2019 in Industrial and Product Design).
He grew up with a passion for problem-solving, starting early with college ventures like a mess app that cut food waste and custom t-shirt sales.
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Sambhav Jain
Sambhav Jain, born on December 6, 1997, is the visionary co-founder of FamPay. An IIT Roorkee alumnus with a B.Tech in Civil Engineering, Sambhav’s journey into fintech began while still in college, when he teamed up with Kush Taneja to address the issue of giving teens safe, digital control over their money.
Before founding FamPay, Sambhav sharpened his skills with roles at Hotstar and AEON Learning.
His innovative spirit earned him a place on Forbes 30 Under 30.
All You Can Do With FamApp
FamApp offers a financial platform designed especially for teenagers and young adults in India. It mainly focuses on the FamX Spending Account, which integrates UPI and card payments, along with tools to help users save, spend, and manage money smarter.
Users can create customized UPI IDs to send money securely to friends, family, or popular payment apps like Google Pay and PhonePe.
FamX also offers a numberless prepaid card in partnership with IDFC FIRST Bank, allowing both online and offline transactions with enhanced security features such as the ability to pause or reset the card PIN anytime within the app.
The app includes easy-to-use expense tracking and budgeting tools that help users, and parents if applicable, stay on top of finances.
To make managing money more rewarding and fun, FamApp also offers cashbacks, discounts, and in-app challenges.
Beyond payments, it supports utility bill payments and mobile recharges, with a special feature called Namaspay for foreign travelers visiting India.
FamApp’s Funding Journey
FamApp has secured USD 42.7 million across two main funding rounds. The journey started with a seed round on March 12, 2020, followed by a massive Series A on June 16, 2021, raising USD 38 million led by Elevation Capital, alongside General Catalyst, Rocketship, Greenoaks, Global Founders Capital, Venture Highway, Y Combinator, and Peak XV Partners.
FamApp boasts 12 institutional backers and angels including Kunal Naresh Shah.
Afterword
By combining a numberless card, and parent-supported controls, it helps young users spend, save, and learn about money confidently. Today, FamApp is a trusted name growing fast and. empowering a generation to take charge of their finances with clarity and care!