FamPay, India’s first neobank for teenagers, witnesses 22% increase in transactions within 6 months!

The WebEngage Startup Program helps us engage with users effectively, provide delightful experiences & build long-term relationships with them.

Author Photo

Kush Taneja
Co-Founder, FamPay

  • Industry:

    Banking & Finance

  • Location:

    India

    Quick Facts

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    Improvement in FamPay’s onboarding funnel

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    Increase in transactions made by the teenagers

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    Boost in the number of referral users

About FamPay

FamPay is India’s first neobank for teenagers. Backed by Y Combinator and Sequoia Capital alongside other prominent investors, the startup was founded in 2019 by IITians Sambhav Jain and Kush Taneja. With FamPay and its numberless card, minors can successfully make online (UPI & P2P) and offline payments without the need to set up a bank account. Parents can top up their child’s FamPay account and let them spend the funds under their supervision. FamPay aims to raise a new, financially aware generation of Indians who understand the fundamentals of personal finance and are capable of making decisions in their best long-term interest.

Joining the WebEngage Startup Program’s Class of 2020-21

FamPay was coming out of stealth mode in early 2020. Enrolling for the WebEngage Startup Program’s Class of 2020-21 seemed like the perfect choice to get the growth mode fired up right from the initial phase. With a host of facilities provided on the app, it was also the right time for FamPay to start leveraging a full-stack marketing automation platform.

 

What is the WebEngage Startup Program? 

The WebEngage Startup Program is a 6-month long program, where the chosen, early-stage startups benefit from the expertise that WebEngage brings in working with thousands of global businesses across industry verticals. The mission of the program is to empower early-stage startups across the globe in accelerating their growth during the initial years through superior quality mentorship and technology. Read more!

How did FamPay benefit from the WebEngage Startup Program? 

FamPay was provided with the three core benefits under the program:

  • Free access to WebEngage’s marketing automation suite for 6 months
  • A dedicated team of WebEngage advisors who help in accelerating growth
  • Detailed campaign analytics

As a part of the program, FamPay has also been aided with several initiatives and processes to get their user engagement initiatives going. Here’s how! 

Getting started with the WebEngage dashboard within two weeks 

The Onboarding Expert at WebEngage worked with the team at FamPay to understand their important user events and data requirements. They also aided the team at FamPay in configuring the required data like user events, attributes, SDK integrations, and so on. Thus ensuring the integration process was completed within no time. This helped FamPay get started with the WebEngage dashboard in just a couple of weeks and implemented several use cases. 

Exploring engagement strategies with WebEngage Advisors 

The advisors at WebEngage provide mentorship regularly in terms of new strategies that can be adopted for user analytics and engagement. These 2-way sessions helped FamPay explore strategies for user engagement and retention. It helped them with feedback that is used to improve and add value to the users through the WebEngage dashboard. 

The team at FamPay also has access to a hub of resources including help guides, success stories, articles, etc. This aids them to take swift decisions and actions on the WebEngage dashboard. 

Enabling campaigns for simpler and faster onboarding, activation, and growth 

Since FamPay is one of the first movers in the digital payments space for teens, one of the important priorities is to educate their young pre-banked users. WebEngage’s Startup Program has helped FamPay do the right user engagement needed for onboarding and activation. They were able to run relevant campaigns using channels like Mobile Push, SMS, and WhatsApp and see the difference in conversions from Day 1. This also helped them in making iterations to their strategies and see improvements in their user engagement immediately. 

If you want to get detailed insights into their success story, you must check out the detailed version.👇

 

Here’s a glance at some of the results witnessed by FamPay while being a part of the WebEngage Startup Program

  • 2X improvement in the onboarding funnel
  • 22% increase in transactions made by the teenagers
  • 40% boost in the number of referral users

What’s in store? 

FamPay has recently crossed 1M app downloads in just 6 months of their product launch. It has successfully completed the WebEngage Startup Program. It continues to leverage the WebEngage dashboard to take its teenager engagement and activation initiatives to the next level.


Kush Taneja

Kush Taneja Co-Founder, FamPay

At FamPay, our core mission is to connect teenagers’ money to their experiences and help them learn personal finance. The WebEngage Startup Program help us target and engage with our users effectively, provide delightful end-user experiences, and craft healthy, long-term relationships.


Sounds interesting? The detailed version has some fantastic insights!

Download the detailed story

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