Angel investors have contributed $1 million to the FinTech firm Galgal Money’s seed round of financing. The firm was able to quickly bring the software to market with the help of cash, which also helped it acquire more customers faster. Furthermore, the business plans to engage in product development to quickly improve customer experience and concentrate on providing features that might improve the neo-banking experience for Indian young.
Galgal Money is a cutting-edge FinTech start-up located in Mumbai that was founded in 2021 by Harsh Chhatrapati and Arun Iyer. Its mission is to provide effective financial solutions to the young in order to make money management and saving as stress-free as possible.
The Galgal app’s AI algorithm is designed to alert users when they overspend or underspend. This is founded on the knowledge that effective money management behaviors are formed, like any habit, through reinforcement and punishment. The user may decide whether they want to feel pleased or bad about a purchase in order to be more careful the next time they decide to spend.
Harsh Chhatrapati, founder, Galgal, 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 a 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, “Presently, Gen z makes up 375 million, which is over 25% of India’s population, whether they are students, 1st jobbers, fresh out of college, or hustlers.”
The Galgal app enables users to build a budget that dynamically calculates the guilt-free balance as soon as money is deposited into the Galgal account. “The Galgal analytics engine automatically categorizes the user’s spending pattern. Based on this the user is periodically nudged to ensure they are always in control of their finances. This creates a hyper-personalized experience, making financial management easily accessible. The app automatically categorizes the expenses, and every time a user spends money on non-essentials, it asks them whether they felt good or bad about the spend. This makes the entire experience fun, simple and educational,” Iyer added.
Galgal, unlike the majority of the other market participants, provides a desirable Visa prepaid card without a credit fee or any other extra fees. Through its website, the business created a queue of more than 5,000 individuals just for the beta version of the product. The software is now online and accessible to both Apple and Android-powered gadgets.
