YOLO Raises Undisclosed Amount in Pre-Seed Round to Develop Payment App for Teenagers

Payment app

Delhi NCR-based fintech platform YOLO has successfully raised an undisclosed amount in a pre-seed funding round led by Shuru-Up, Growth91, and Angel Investors. The startup’s primary goal is to develop a pioneering payments app-based platform tailored specifically for teenagers, promoting the usage of digital money transactions among this demographic.

The raised funding will be utilized for the development of YOLO’s exclusive Money app, which is set to launch in July 2023. The platform aims to address the financial literacy gap among Gen Z in India, with only 16.7% of the population falling under the financially literate segment. By providing a user-friendly and secure payment solution, YOLO envisions empowering teenagers with the tools they need to manage their finances confidently and responsibly.

One of YOLO’s key objectives is to digitalize college ID cards, integrating them with payment functionality for enhanced convenience and efficiency. By combining identification and payment capabilities, the platform aims to simplify the lives of students and offer them easy access control while developing essential financial skills.

YOLO has already onboarded over 4 universities with 10,000 students and built a community of more than 50,000 Gen Z members in a short period. The startup aspires to serve a larger customer base of half a million individuals by the end of the fiscal year. The founders recognized that despite being tech-savvy, many Gen Z individuals lack bank accounts and access to digital payments, relying heavily on cash as a mode of payment. YOLO aims to bridge this gap by providing tailored accounts, spending cards, and a spend tracking platform for this target group.

Strategic partnerships with educational institutions, payment processors, and financial service providers are on YOLO’s agenda to further enhance its platform. The startup’s innovative approach towards promoting digital money transactions among teenagers has received enthusiastic support during the pre-seed funding round. By focusing on user-friendly interfaces, robust security measures, and financial education, YOLO aims to drive adoption and cultivate responsible financial habits among young users.

Kedar Dave, Co-Founder of Shuru-Up, expressed excitement about YOLO’s potential impact in simplifying student life and fostering responsible financial habits. The startup’s vision aligns with India’s evolving digital payments landscape, and its emphasis on education and user convenience is expected to drive adoption.

The funds raised in this round will primarily be allocated to product development, team building, marketing, and executing growth plans. YOLO is targeting half a million users by the end of the financial year, with a long-term goal of acquiring five million users within the next three years. Further investment rounds are planned to achieve these milestones, with product development currently underway.

In addition to its payment app, YOLO also offers a Card that can be obtained without a bank account. This card enables users to make online and in-store purchases, send money to friends, and make UPI payments through the app.

As YOLO continues to innovate and expand its services, it aims to revolutionize the way teenagers manage their finances and navigate the digital payment landscape, fostering a cashless and interconnected world for the next generation.