This overview of a new FinTech Company launched a Numberless smart card for teenagers. This company mainly concentrates on teenagers to get banking exposure in their platform. a detailed study on their business model with SWOT analysis. visit our website - falturesearch.in

1. FamPay
Teenagers Bank

2. Company Profile
 Business Name- FamPay
 Legal Name- FAMPAY SOLUTIONS PRIVATE LIMITED
 Legal Address & Communication Address- House Number 7, 1st A Main Road, Sector 6, HSR Layout,
Bengaluru, Karnataka, India – 560102
 Date of Incorporation- 05/03/2019
 CIN- U74999KA2019PTC122125
 Class of Company – Private
 Ownership Type- Private
 Product – Number Less smart Card
 Founders - Kush Taneja, Sambhav Anand Jain
 Industry – Financial Services, Financial Technology

3. Company Overview
 FamPay Company is started by students who pass out from IIT Roorkee. He started his company on
05/03/2019 and raised a lot of investments. In a way, this company is offering a concept like prepaid card
concept in some other way so that teenagers and their parents can be attracted.
 FamPay is a kind of FinTech Company, their concept is quite unique, and their business motto is Teenagers
experience banking and financial transactions. The man core value of his business revolves around
teenagers. Through their payment solution, parents can keep an eye on their teenagers’ children. So that
they understand the important of their money. The main focus of banking in our country is just on the
adults. Due to which the teenagers have difficulty in opening banking accounts.

4.  To get a banking facility in our country, you must be 18 years of age or above. Many teenagers stay
away from their homes and study. The only way for parents to give them money is to give them their
debit card or send money to someone. But a big problem is always the parents, where are their
children spending money, due to which the children are unable to manage the money.
 The Fintech Company understood the problem and built a platform over it. So that parents and
children do not have to take the stress of financial management. Many problems will be solved by
this solution of theirs, which used to come from money to manage them. Right now this is a very new
concept and we have to see how many people adopt in the future.

5. Company Business Objective
 FamPay's main objective is to target parents whose children are currently
teenagers, and teenagers' children are dependent on them for money.
Teenagers in India have a population of about 236 million and 20 million of
them have smartphones. The objective of FamPay is to target the group in
front of these children.
 Niche Market - Fampay has targeted only teenagers. Those whose age is
between (12 to 14) years.

6. Company Revenue Model
 The means of earning them is through the transaction of every card,
whenever someone will do through the transmission of their platform, a
transaction fee will be charged for the service. But these people are doing a
lot of partnership with brands so that their platforms can get good offers.
 FamPay's revenue model is based on card transaction. But for this, FamPay's
platform has to be more attaractive. Only then will Teenagers use FamPay's
digital payment platform.

7. Company Finance
 FamPay has taken a lot of money from investors, whose details have been told
by the company. Through Seed Capital, FamPay has managed to bring in 4 .7
million rupees investment. These people are going to do much more funding
raising programs.
 It is a Fintech startup company, which will need even more funds in the
future.
 Investors – Y Combinator, Sequoia india ,venture highway,GFC

8. Product Specification
 Fampay Company has launched smart cards without details for the first time in India. This card is
completely different from our debit cards and credit cards, many of our details are mentioned in them,
but there is nothing like that in this smart card. Because this FamPay smart card is operated through an
application. This application is designed keeping in mind the teenagers.

9. Product Availability
 Fampay Company has a partnership to launch its product with IDFC First Bank,
and this company has also launched its application in Google Play Store.

10. SWOT ANALYSIS
 To check the performance of the FamPay Company, we have done a SWOT
analysis on it, so that we can compare more about this company in a better
way.

11. Strength
 This company has chosen its niche market after much research.
 This company has targeted both those niche markets, people who are
teenagers or parents of teenagers.
 No banking industry has ever thought so deeply about teenagers' banking
services. A platform built with their teenagers in mind can attract many
peoples.
 FamPay's thinking is to bring understanding between parents and teenagers.
The problem of teenagers' money could be solved and parents could observe
the financial transaction of children.

12. Wicknesses
 This is a new startup company, their entire business is teenager based. But we forget that the decision-
maker of a teenager is his parent. If parents feel that this platform can help them, then only they will
use this service.
 FamPay is a new startup and new startups have to face a lot of problems. One of them is a shortage of
funds because a lot of funds will be needed for this business model.
 Still, many parents do not allow their teenage children to use mobile. And the entire business model of
this company is mobile-based.
 Their business model can only work if Teenage has a mobile. For this, parents have to give mobile to
the child, which many parents do not use this platform.
 According to Fampay's business model, only 20 million teenagers in India own a mobile. But whether all
those teenagers will use this platform is a big question.

13. Opportunities
 There are many people who are excited to use these new platforms. People are excited to try new things.
Fampay's platform may attract people.
 The digital payment market is growing tremendously, and people in the future should use these new
services. And India's strength is its strength, there are many digital platforms which are doing very well
these days.
 At this time, digital payment has been encouraged due to Coronavirus. It is the situation which is further
promoting digital payment.
 Our country is a country of youth, more people of our population are teenagers. Fampay's platform is
based on this model.

14. Threats
 There are many digital payment platforms that are quite dominating in the market. The model of this
digital payment companies is successful.
 There are many companies in the digital payment industry, and it is very difficult to survive in these
companies. Fampay has to make its market among these companies.
 These digital payment companies offer a lot of offers, due to which many companies are surviving with
work profit. Fampay will have to offer many offers to attract people, which will be a difficult task for
them.
 Our country is a country of alternatives and people run their work with these alternatives. The concept of
Fampay can be many alternatives which can make their platform a loss-making platform.
 Would like to use this platform which it desperately needs. The concept of Fampay is based on this
concept.
 Many companies can change their policies and cause huge losses to Fampay's business.
 Fampay may have to review its business model in the future. Because the competition is more in this field.
 This payment platform model will boost the fraudulent incident. Because teenagers can be easily, fraud
victims.

15. Summary
 After researching the Fampay company, I reached this conclusion. It will be
too early to speak about the success of this company. We have to see the
future performance of this company. The thinking of its business model is also
very good and risky. If it is successful too, then the teenager based model will
have a very low revenue. If we look at the data given by them, then 20
million teenagers will have to do their platform. Which is quite impossible to
accept this probability.
 This business model will have to provide a very good solution to its potential
users. If this platform does not give them a good experience, then there may
be a lot of trouble for FamPay.