Other early investors, Venture Highway, Y Combinator, Global Founders Capital and new Global Investors like General Catalyst, Rocketship VC, and Greenoaks Capital also participated in the Series A round, a statement said.
FamPay will use the latest round of funding to build a leadership team to further fuel growth.
FamPay makes it convenient for teenagers to make online and offline payments through FamPay app as well as FamCard.
In addition to payment products, FamPay also offers gamified savings experiences.
The company has crossed 2 million registered users within 8 months of its launch.