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YC-backed Akudo shuts down wallet, asks users to withdraw funds

Entrackr · 1y

Teen banking platform Akudo is shutting down its operations by the end of this month, as per an in-app notification sent to its users. The closure is due to a directive from the Reserve Bank of India (RBI) which prohibited the use of Unified Payments Interface (UPI) in co-branding arrangements. Akudo had already stopped onboarding new users and informed its PPI issuer and infra partner about the impending shutdown. The teen-focused neo-banking segment will now be mostly occupied by companies like Junio and Fampay after Akudo's closure.