akudo launches UPI for its 2 million registered users
The akudo application will allow users to also make and receive payments via UPI
akudo, India’s learning-first neobank for teens, launches the integration of UPI into its app for its 2 million registered users, accelerating its journey towards creating a one-stop payment platform for teens. The UPI feature will be a part of their upgraded experience, akudo pro, a prepaid account with an enhanced limit of 2 Lakh where you can add money and make payments using UPI or card. The company has also rolled out ATM withdrawals as part of its enhanced experience.
The company has launched UPI along with their partner PPI issuer – LivQuik Technology India – who integrated the latest UPI on the PPI stack developed by NPCI at breakneck speed. The integration and launch were facilitated in close association with the National Payments Corporation of India (NPCI). The company has also partnered with leading fintech provider M2P to ensure a safe, secure, and seamless experience for its customers.
On the growth side, transactions on the platform have witnessed a 40% MoM growth, with 50% of users from Tier 2 cities such as Chandigarh, Ludhiana, Lucknow, Indore, and Ranchi.
A whopping 20% of transaction volume on the platform comes from household bill payments and family phone recharges, a testament to digitally native teens leading the way in digitising and equipping the older generation with household payments.
Commenting on the launch, Lavika Aggarwal, Co-founder, akudo, said, “With UPI going international, it is up to companies like us to facilitate this feature for everyone in the country, especially the future generation. It is the teens that are going to be driving future consumption in the country. So, we needed to create a UPI product that would be a go-to choice for users for day-to-day transactions.”
She also added, “We expect the transaction volumes on the platform to grow by 10x post the launch. We are glad to have partners on board who have helped us visualise this integration. Having a financially empowered and knowledgeable generation of teens entering work will help boost India to an unparalleled economic superpower.”
Speaking about the partnership, Madhusudanan R, Cofounder, M2P Fintech, said, “We are thrilled to partner with akudo in their mission to empower the next generation of learners and savers in India. By integrating our fintech infrastructure with akudo’s innovative neobanking app, we are able to provide a safe, secure, and seamless experience for their young customers as they navigate the world of digital finance. We congratulate akudo on the launch of UPI feature in their app and look forward to a long and fruitful partnership that will benefit India’s youth and the wider economy.”
The app also has a section dedicated to financial goal setting, savings, and a gamified rewards system to encourage teens to build healthy financial habits. The start-up has customers between the ages of 11 – 18 years using their prepaid card to utilise pocket money or spend on daily expenditures. In September 2021, akudo raised $4.2 million in seed funding led by Y combinator, JAFCO Asia, Incubate Fund India, and AET Fund, among others.
akudo is India’s first ed-fintech startup focused on teenagers. The fintech startup aims to build an ecosystem of guardians and children where teens can make financial decisions in a safe and controlled environment. With 2 million registered users, akudo is pioneering learning first banking in India by introducing teens to banking and helping them build healthy spending and saving habits.