Gimi, the allowance App equipping Gen Z with financial literacy, has now launched in India

Neowise Technologies co-founded by Rohit Ramachandran and Siddarth Padmanabhan, launches Gimi in India, a Neobank targeting Gen-Z and has joined hands with Gimi AB in Sweden to market and launch the brand in the country. The app is now LIVE on playstore and app store and is currently available in its freemium version enabling parents and children to manage chores, allowances and also delivers learning modules.

An indispensable tool for 1.2 Million users in the European Union, Stockholm-based, Gimi (www.gimitheapp.com) – the free-to-use Neobank that helps kids learn how to earn, save, and manage money – is now available in India. Launched in Scandinavia in 2015, the app has been developed using scientific methods in order to prepare young people (aged seven and over) for life’s financial challenges.

“The Indian education system is known to be among the most competitive and high pressure academic setups in the world. For a country that seems to place a lot of emphasis on education, the concept of financial education and financial literacy is surprisingly still an alien concept. As the country rides a digital wave that has seen India become the second largest online market in the world (560 million internet users), home to one of the fastest growing digital payment ecosystems in the world and has 37% of its population below the age of 24, awareness around financial literacy is the need of the hour.” Said, Rohit Ramachandran, Co-Founder & CEO, Gimi India.

Siddarth Padmanabhan, Co-Founder & CRO, Gimi India, further adds, “We aspire for Gimi, as a digital banking application, to act as every Indian child’s first bank account. Through the medium of a teenager friendly smartphone application, kids will be introduced to the concept of digital payments, saving, and investing. We are confident of achieving this by rolling out two versions of the application – a parent’s version (used to configure the kid’s version and maintain oversight over the kid’s financial transactions) and a kid’s version (which will act as a full-fledged payments application). The kid’s payment experience will be backed with a prepaid card and the application will support India specific payment channels like UPI.”