Fyp, one of India’s fastest growing neobanks for teenagers, has acquired EdTech startup Edunify as part of its expansion plans. With this acquisition, the company hopes to broaden its user base through school collaborations across India.
Edunify, which was founded in 2018, operates a pan-India school discovery platform with 1.2 lakh schools in 725 cities, has assisted 1.5 million parents in their admissions journey since its inception, and has empowered 100+ schools in 7 cities with admission and fee management services.
Commenting on the acquisition, Kapil Banwari, Founder and CEO, Fyp said, “At Fyp, we are building India’s largest neo bank 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 100+ tied up schools in the next 6-7 months. Currently, Fyp has acquired 5 lakh+ users within 3 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. We have worked with schools in all parts of the country in the last 3 years and feel that our nation-wide school and parent network combined with Fyp’s revolutionary fintech product can bring about a massive shift in how kids and teenagers transact online.”
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