FamPay Takes a Hit: 18 Employees Laid Off Amidst Pandemic

Introduction

FamPay, headquartered in Bengaluru, is a fast-growing startup in the finance industry. It was founded in 2019 by two IT professionals, Kush Taneja and Sambhav Jain, who aimed to bridge the gap between financial literacy and the young generation. The company has been successful in gaining support from investors, with a total funding of $42 million in Series A funding round.

History

FamPay was founded in 2019 with the aim of providing financial literacy to the young generation. They started with an idea to provide a prepaid card for teenagers with parental control features. Since then, the company has grown at a rapid pace and has become a well-recognized start-up in the finance industry.

What is FamPay into?

FamPay is into providing financial literacy to teenagers. They have their prepaid card which is linked with their app and provides complete parental control. They aim to revolutionize the way teenagers spend money and help in building a healthy financial habit.The company stakeholders have not issued any statement yet on the layoffs. However, it is expected that the company’s management will address the situation soon and provide clarity to the employees and investors.

Conclusion

The recent layoff by FamPay has raised questions in many minds. However, with the ongoing pandemic and the volatile market, many companies have been making difficult decisions to stay afloat. We hope the company will come out of this situation stronger and able to provide better services to their customers.

Abhishek Sharma