YOLO app, a Delhi NCR-based fintech platform, recently raised an undisclosed pre-seed funding round from investors including Shuru-Up, Growth91, and Angel Investors.
Owned and operated by Trivy Technologies Pvt Ltd, the startup aims at the development of a pioneering payments app-based platform tailored specifically for promoting the usage of digital money transactions for teenagers.
The funding will also support the digitalization of college ID cards, combining them with payment functionality for greater convenience and efficiency. The platform is set to launch its exclusive YOLO Money app for teenagers and colleges in July 2023.
With only 16.7% of the GenZ population under financially literate segment, it’s high time that India make a move towards focusing on providing the best systems for financial education and financial freedom to the most engaging, educated and high demanding population of India. “Our payments platform resonates with Gen Z, offering them a passport to a cashless, interconnected world, where transactions are effortless, secure, and aligned with their dynamic lifestyle.”
YOLO has already on boarded over 4 universities with 10000 students and built a community of more than 50000 GenZ community in a short span of time. We are overwhelmed with the response received so far and aim to serve a larger customer base of half a million individuals by the end of this fiscal year, said Shivansh Agarwal, Founder and CEO, YOLO.
The Gen-Z today is the most tech-savvy. But they usually have no bank accounts, no access to digital payments, and are completely dependent on one of the most antiquated modes of payment – cash. The founders decided to create the first accounts for this target group along with a spending card and spend tracking platform. That’s when YOLO was born.
“We are thrilled with the enthusiastic response and support we have received during our pre-seed funding round,” said Shivansh Agarwal, the visionary behind YOLO. “Our goal is to empower teenagers with the tools they need to manage their finances confidently and responsibly. We believe that by digitalizing both payments and college ID cards, we can simplify their lives, make payments convenient, get access control easily, and help them develop essential financial skills that will benefit them in the long run.”
YOLO is actively seeking strategic partnerships with educational institutions, payment processors, and financial service providers to enhance the platform further and ensure its widespread adoption.
YOLO is building the future of digitizing institutes like colleges, coaching, schools, and payments for teenagers in India through integrate the complete access of the campuses like canteens, gate passes, library access with their payments card.
Kedar Dave, Co-Founder, Shuru-Up said, “We are thrilled to see the innovative approach YOLO is taking towards promoting digital money transactions among teenagers. By tailoring their services specifically for teenagers, YOLO is poised to simplify student’s life. We are confident that their user-friendly interface, robust security measures, and focus on education will not only drive adoption but also cultivate responsible financial habits among young users. YOLO’s vision aligns perfectly with the evolving landscape of digital payments in India, and we are excited about the potential growth and impact they can achieve in this space.”
Jyoti Agarwal, Co-Founder, YOLO, said, “The funds raised will be utilized on product development, team building, and executing marketing and growth plan. We are targeting half a million users by the end of this financial year. And in the next three years, the plan is to acquire five million users. We would be raising another round of investment by the end of August to achieve our first milestone of half a million users. At present, we are in the product development stage.”
With YOLO, teenagers can get their first card – YOLO Card – without the need to set up a bank account. They can use it for all online and in-store purchases, send money to their friends, and make UPI payments through the app.
Further, instead of managing individual expenses, parents can just top-up the YOLO account, and let their child spend it the way they want – anytime and anywhere – under their supervision.
Also, colleges and schools will provide their students with YOLO integrated id cards that allows students to get complete access control + online and offline payments through the same card only.