Neo"piggy"banks 🐷

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Apr 2 2021

Neo"piggy"banks 🐷

#148:

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When I was a kid, this is how I “earned” my pocket money:

Kept the change when I'd go to the market to run errands;
Visited relatives;
Played football tournaments with cash prizes;
And most obviously, asked my parents, and if they said no, asked my grandparents;

For me, pocket money was never an established concept.. and I gained financial literacy through real life experiences. I had a piggy bank or a Gullak as we would call it, only until I was about 10 years old, and after that, it became need-based money on demand.

But the times are changing for sure, and over the last few years, we have seen a surge in startups looking to solve for a teenager's piggy bank.

FamPay, Junio, Walrus, and many more startups breaking into this market and creating digital piggy banks for kids left many folks surprised and confused. And I must admit, I understand the reason for this confusion. Do the on-ground realities and user behaviors of an Indian parent buy into the idea of a digital piggy bank?

To dive in deeper, we've drafted a quick Investment thesis on FamPay for you to go through and would love to hear your thoughts on it.

Gyaan

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