Galgal Money, a fintech startup, has raised $1 million in seed funding from angel investors. The funds have allowed the startup to launch the app quickly and accelerate customer acquisition. Furthermore, the company intends to invest in product development to rapidly improve customer experience and to focus on offering features that can improve the neo-banking experience for India’s youth.
Galgal Money is a new-age Mumbai-based fintech start-up founded in 2021 by Harsh Chhatrapati and Arun Iyer that focuses on bringing efficient banking solutions to the youth, with the goal of simplifying money management and making savings as stress-free as possible.
The Galgal app is designed to notify users when they overspend or underspend using its AI system. This is based on the understanding that efficient money management behaviour develops like any other habit through reward and punishment. The user can choose to feel good or guilty about an expenditure in order to be more mindful the next time they spend.
Unlike most other players in the market, Galgal provides an appealing visa prepaid card without charging a credit fee or any other hidden fees. Even though the product was still in beta, the company generated a waitlist of over 5,000 people via its website. The app is now available for download on both Android and Apple devices.
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