Fampay and the continued neobank excitement

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Editor's note: “Catch them young” is the phrase this neobank is banking on. Bengaluru-based Fampay turned a few heads after it scooped up $38 million in what is being called one of the largest Series A funding rounds ever in India. Celebratory messages started pouring in for the young founders Sambhav Jain and Kush Taneja, with the teenage banking segment that Fampay targets becoming a buzzword overnight. Fampay is not the only one chasing teenagers—Walrus, Junio and more are equally aggressive fintech startups going after the same set. There are 250 million teens in India and 40% of the Indian population is below the age of 18, says Fampay’s Jain. “The larger thesis is that India is a young demographic. For the next decade or so, there will be a number of people who will be turning 18 every year, and if you start catch them young and expose them to a world-class banking product, which not only gives them a payments or a payout feature but also allows them to learn a healthy savings habit and expose them to the concept …