YPay
Ensures safety, security, and yet provides financial freedom to kids in a CONTROLLED manner- just as the parents and the institute would like.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor | €0.0 | round |
| investor | €0.0 | round | |
$400k | Seed | ||
| Total Funding | 000k | ||
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YPay, operating under the legal name Bitoodle Online Services Pvt. Ltd., is a financial technology company founded in 2017 by Dr. Navneet Gupta. The company is headquartered in Noida, India, and positions itself as a key player in the rapidly growing fintech market for teens and young adults, particularly targeting Tier-II and Tier-III cities. The founder, Dr. Navneet Gupta, who serves as CEO, was inspired by seeing entrepreneurs in his family and identified a market gap for secure, digital payment solutions for minors.
The core of YPay's business is a prepaid, numberless smart card, offered in partnership with RuPay and Yes Bank, which allows teenagers to make online and offline payments without needing a traditional bank account. The business model centers on providing these prepaid cards and an accompanying mobile application that serves as a comprehensive financial management tool. This platform is designed for dual-user functionality, empowering teens with financial independence while allowing parents to maintain oversight. Parents can top up the card, set spending limits, monitor transactions in real-time, and block or unblock the card instantly through the app. For teens, the platform offers features to track spending, set savings goals, and earn cashback and discounts from a network of over 300 brands.
YPay generates revenue through the provision of its card services, offering both personalized and non-personalized options at varying costs. The company has secured total funding of $667K over four seed rounds, with the latest in February 2022. Key investors include We Founder Circle, Venture Catalysts, and several angel investors. These funds have been allocated towards talent acquisition and technology development to support growth. As of March 31, 2023, the company reported an annual revenue of ₹1.87 crore. YPay emphasizes data security, utilizing a serverless, distributed data-based model and encryption to protect user information, aligning with RBI guidelines.
Keywords: teen finance, pocket money card, prepaid card, youth banking, financial literacy, fintech India, parental control app, digital payments, money management for teens, Navneet Gupta, We Founder Circle, Venture Catalysts, RuPay, Yes Bank, teen payments, youth financial services, Noida, Tier-II cities, family finance, spend management