Unable to make or raise money, the pocket money app is transitioning into a UPI-based payments platform that will no longer be exclusive to teens and their parents.
It’s crunch time for FamPay. At a recent board meeting, faced with mounting pressure from investors to showcase revenue and curtail expenses, founders Sambhav Jain and Kush Taneja realized that their pocket money app may not survive for long if they don’t quickly make changes to its strategy and business model.
So, they made three decisions. First, to immediately stop all growth initiatives to scale the pocket money app. Second, to let go of a bunch of highly paid senior executives. And third, to fast-track the company’s transition into a UPI-based consumer payments platform, no longer exclusive to teenagers and …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
Writer
ashwin@mailtmc.com
Delhi