Akudo- Neobank For Teenagers

Akudo Beginning

Founded in August 2020 by IIT Roorkee and BITS Pilani alumni Lavika Aggarwal, Sajal Khanna, and Jagveer Gandhi Akudo, an Indian learning-first neobank for teenagers, revealed that it had raised a Pre-Seed round earlier this year from Y-Combinator, Incubate Fund India, and other Indian angel investors. It gives children customised debit cards that they can use on their own to help them save money, as well as thrilling perks in a gamified setting when they're good with their personal finances. The name 'akudo' (pronounced aku-doe) derives from the Igbo and signifies peaceful wealth. It was created with the goal of creating generations of money-savvy young Indians.

Akudo Digital Payments

Digital money is a more trustworthy payment mechanism. It eliminates the need to keep track of where your money is kept. It also implies that no cash will be washed out of pockets by mistake. The youngster may keep their money safe in a digital wallet and bring it with them when they're out and around. During the pandemic, technology developments and lifestyle changes have increased the usage of digital payments in place of cash, from local vegetable vendors to restaurants. It doesn't matter how much or how little cash your youngster carries, it might encourage theft. As a consequence, teaching youngsters how to manage digital money makes staying safe easier for both parents and children.

“Teenagers have been neglected from India's fintech revolution,” stated Nao Murakami, Founder and General Partner of Incubate Fund India. Because Akudo's financial literacy and neo banking strategy meet the needs of both youth and parents, they believe it will grow quickly by spawning a new economy.”Akudo claims to have 60,000+ enrolled clients nine weeks after its initial launch. It has issued almost 12,000 cards, and Akudo transactions have increased by 98 percent week over week. According to the company, its cards have been delivered to more than 350 cities across India. Within the banking experience for teenagers, it has also included a number of bite-sized movies presenting essential and important financial principles. And it's all connected together by a game-based rewards journey in which teenagers go through tiers by collecting different badges, gamifying practical money learning for them.

Akudo is developing the principle of "learning-first banking," according to Lavika, where financial education is effortlessly incorporated directly where and when you bank. The company provides a one-stop technology solution for the three pillars of money management education: awareness, practice, and habit formation. Akudo accounts include two sections: one for savings and the other for expenditures.

Allows your youngster to save for the products he or she desires. Savings account divided into sections and aspirational goals set. Every time they receive or spend money, they automatically save. Top personal finance authors provide practical advice. Learning Banking for Teenagers is a strategy that Akudo is pioneering. The system is simple and hassle-free.

• Allow for independence without relinquishing authority.
• Set up activities to allow for allowance.
• Tie your child's allowance to family tasks and goals to encourage them to earn money.
• Don't overlook a single detail.
• In your parent app, you can be alerted of each and every transaction or set up specific alerts.
• Always be on their side.
• Transfer money to your child instantly from anywhere, at any time.
• Relax, you're in complete command.
• Set spending limitations, lock/unlock your card, and block expenditure sections you're not comfortable with.
• Money is deposited with their collaborating bank in accordance with RBI regulations.
• All transactions are completely secure thanks to cutting-edge encryption.
• There are no hidden fees or charges.
• Get your money back in 72 hours after cancelling the account. 

Minors may use Akudo to;

• Begin banking under parental supervision in less than 2 minutes
• Encourage youngsters to save money with a variety of well designed micro-features that encourage and reward them for doing so.

Job Opening- Community Manager

Akudo is looking for its first Community/Content Manager to help build a teen-focused network and drive interest in their product across digital media. This position is for you if you are enthusiastic about driving organic community development and are dedicated to digital consumer interaction. They're searching for someone with the perfect mix of cultural fluency, compassion, and insight of Indian teens.

Akudo Application

Digital money is also easier to trace when compared to cash. Because it is prepaid, you must first deposit funds into your Akudo Neobank account, after which they may use the card to spend the funds online or offline. A simple click on Akudo is all it takes for real-time money management. As a result, if you or your kid want to check how much money they have left or where they spent it, you can simply see all of the transactions on the Akudo app.

Website: https://www.akudo.in/