Streak, an educational neo-bank for children, has raised an undisclosed amount in a Seed Round led by Inflection Point Ventures.
Funds raised will be utilized for marketing, customer acquisition, strengthening the team, and making further investments in technology, enabling them to effectively launch Streak and initiate the growth journey, a release said.
Streak plans to grow to 2 million users in the next 3 years.
Inflection Point Ventures Co-Founder Ankur Mittal said, “Neo banking is the fastest-growing vertical within the fintech segment. Streak has identified a fast-growing niche – teenagers, who will be the next wave of customers to begin their credit and banking journey in a few years.”
“We liked this approach of engaging with your customers in the early stage as it leads to long term association and trust when it comes to banking and financial transactions,” he added.
The teenage banking market stands an $8+ billion market. The Financial Literacy Rate of adults in India is 24% and ranks at 121 out of 144 in the world.
To improve this, Streak believes that the fundamentals of money should be taught early in life, to improve the financial literacy amongst the next generation in India.
Streak had conducted a Financial Literacy Championship targeted at school students during the second week of May, receiving over 3000 registrations from 130+ schools & 60+ cities in 2 weeks.
It has also launched a Referral based sign-up program and has seen consistent growth in the waitlist signups for the app. The app will be soon available in both Google Play Store and the iOS App Store.
Streak Co-founder Shiv Bidani said, “Streak is tailor-made for the Indian audience keeping in mind Indian parenting styles and cultural values.”
“We believe that Streak will capture the minds and hearts of parents and children. With IPV’s support and expertise in the Edtech and Fintech space, we believe that we are positioned to create a significant impact in the ‘ed-fintech’ space,” Bidani added.
Streak aims to not merely become a payment solution but also enable teenage customers to be financially aware, empowered, and keen to learn more. Parents and Teens will work collaboratively on this platform so that parents stay involved in the financial decision-making process, enabling them to shape the child’s financial behaviour and financial prudence, the release added.
