Mumbai-based Fintech startup Galgal Money has raised $1 million from angel investors.
The capital will help it to launch the app at a rapid time-to-market pace and accelerate customer acquisition.
It also intends to invest in product development to rapidly enhance customer experience and focus on offering features that can enhance neo-banking experience for the youth in India.
The startup was founded in 2021 by Harsh Chhatrapati and Arun Iyer. It focuses on bringing efficient banking solutions to the youth, with the purpose to simplify money management and make savings as stress-free as possible.
With the AI technology, the Galgal app is built to notify users when they overspend, or underspend. This is based on understanding efficient money management behaviour is developed like any habit on the basis of reward and punishment.
The user has the option to feel good, or guilty about an expense, in order to be more mindful the next time they choose to spend.
Founder Harsh Chhatrapati said, “While pursuing my education at Imperial College London, I found myself facing an issue that most students in this day and age face, Money Management. With stipulated pocket money and plethora of potential expenses we young adults end up getting frustrated when we see a massive difference between what we want to save and can actually achieve. This led me to want to build a feel good solution that will change banking for the youth in India, and simplify money management for all. Inspired by the Indian lemon, Galgal’s mission is to help users ‘squeeze the most out of their money’.”
Co-founder Arun Iyer said, “We saw great opportunity in this problem. Presently, Gen z makes up 375 million, which is over 25 per cent of India’s population, whether they are students, 1st jobbers, fresh out of college, or hustlers.”
Galgal offers a visa prepaid card without charging a credit fee or any other hidden charges, unlike most of the other players in the market.
Just at the beta stage of the product, the company generated a waitlist of more than 5,000 people through its website.