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India-based educational neo bank for teenagers, Streak has raised an undisclosed amount in series Seed round funding led by Inflection Point Ventures.
The Startup plans to utilize the fresh funds for expanding its customers base, marketing, hiring, and further investment in technology.
Speaking on the investment in the neo-bank startup, Ankur Mittal, Co-Founder of Inflection Point Ventures said, “Neo banking is the fastest-growing vertical within the fintech segment. The streak has identified a fast-growing niche – teenagers, who will be the next wave of customers to begin their credit and banking journey in a few years. We liked this approach of engaging with your customers in the early stage as it leads to long-term association and trust when it comes to banking and financial transactions. As a parent, I can also appreciate some of the unique features they are building in their app to educate our children about financial discipline. India being a young country also means Streak is going after a large target market.”
Commenting on the fundraise, Shiv Bidani, Co-Founder of Streak said, “Streak is tailor-made for the Indian audience keeping in mind Indian parenting styles and cultural values. We believe that Streak will capture the minds and hearts of parents and children. With IPV’s support and expertise in the Edtech and Fintech space, we believe that we are positioned to create a significant impact in the ‘ed-fintech’ space.”