Kids out there don't have to wait with yearning eyes as their parents withdraw cash in an ATM or when they pay bills at a shopping complex. Their time to swipe cards and deal with money has come!

When the piggy bank finally breaks

Imagine a solution: a bank account for teens with their card and online payment services that can be controlled entirely through an app on their parent's phone. In Feb 2021, Kapil Banwari established FYP intending to provide kids in the age group of 11-21 years the opportunity of money management, for which it has partnered with YesBank and Visa Platinum. Raising two million dollars as its seed funding, FYP saw a user growth from 100k to 500k. Empty wallets and loaded pockets FYP is a neo bank for teenagers that instils money management skills and expense handling in the teen phase. The idea behind the development of FYP is to bridge the financial literacy gap between teenagers.

• It provides the teenagers with a personalized, prepaid holographic card mapped to their parent's account.
• Purchases can be made online or offline by using the app or with just a swipe of the card.
• It is believed that teens will learn to save, earn and spend wisely by using this card.
• There is no minimum amount that needs to be present in the account, to make it safe enough to be used by teens.
• If the card is lost, it can be blocked & all the transactions can be managed on the app.

From the parents' perspective, the card is secure and easy to manage. All actions of the child are transparent to the parent through the app. The parents can decide the cap on the max transaction and personalize it by giving chores and choosing the reward money. Parents needn't worry about security as the card is prepaid and has no sensitive information like the card number in case it is misplaced.

The next move

In January 2022, FYP collaborated with "Dreamfolks Services Ltd" which granted the app's user unrestricted access to airport lounges. Additionally, the most exciting step taken for marketing was becoming an official brand partner for the movie 83. It caught the attention of the young audience by offering a chance to the app users to meet the star of the movie, Ranveer Singh.

FYP has successfully managed to provide financial wisdom to the younger generation. And we await welcoming more of these start-ups, educating teenagers with skills that are believed not meant for them!