Pencilton offers a debit card, PencilCard, to teenagers and students to help them manage their expenses while teaching them the basics of money management. An upgrade is expected to its debit card in a few weeks that works with the Pencilton app to enable financial inclusion and digital financial literacy for teenagers. With the new funding, the company aims at product enhancement by building industry-leading backend systems for card issuance, management, and further launching of upgraded products. The company was founded by Vishwajit Pureti, Ashish Singh, Pallavi Tipparaju, and Viraj Gadde in 2020.
In a statement, Vishwajit Pureti said, “This round is important as it serves as a vehicle for us to have some of the best minds from the
and startup ecosystem, join us on our mission. We are going to announce many industry-leading initiatives that will help bring the best of fintech tools and digital financial literacy to students across India.”
The company has recently introduced the PencilCard, a RuPay debit card for teens across India that can be activated and managed via the Pencilton app. Teens can use the debit card to manage, receive and spend their pocket money through the help of the app. In addition, parents can also use the app to give pocket money, setting parental controls such as the spend limits, approval of money requests, etc.
Pencilton chose the RuPay card platform as it is a product built in India and line with the Government’s ‘Make in India’ policy. It also allows Pencilton to work closely with NPCI to innovate on various aspects of the fintech ecosystem that will soon help bring some never-before-seen features of fintech, not just in India but the whole world, to the fingertips of the next generation.
“The teen/pre-teen banking segment is nascent and growing rapidly. We believe that the Pencilton team understands the space and is solving both kids’ and parents’ needs,” said Rahool Gadkari, Director of Product, Jupiter, in a statemet.
Pencilton aspires to educate the younger generation on financial literacy and management and become the most innovative and prominent player in this space.
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