Fyp, a neobank for teenagers, on Wednesday said it has acquired edtech startup Edunify as part of its expansion plans. With this acquisition, the company said it aims to expand its user base through school tie-ups across India.
Started in 2018, Edunify runs a pan-India school discovery platform with 1.2 Lakh schools in 725 cities that has helped 1.5 lakh parents in their admissions journey since their inception and has empowered over 100 schools in seven cities with their admission and fee management services.
Commenting on the acquisition, Kapil Banwari, founder and chief executive, Fyp said, “At Fyp, we are building India’s largest neobank for kids and teenagers. With schools owning a large part of our audience, we found Edunify as a natural fit to support our massive acquisition plans of teenagers and parents. The acquisition will help us in expanding our user base and to drive deep fintech integrations with schools as part of our larger strategy.”
“Through this acquisition, we are doubling our existing GMV by integrating with one of the existing partnered schools. We plan to replicate this model in over 100 tied-up schools in the next six-seven months. Currently, Fyp has acquired over 5 lakh users within three months of its full product launch and is adding 1.5 lakh -2 lakh users every month”, he added.
Harsh Karamchandani, co-founder and CTO, Edunify, said, “We are delighted to be part of Fyp’s team and see great synergies with their vision to make teens and parents of India more financially aware, literate and empowered.”
Source: Mint