Galgal has received $1 Million in a Seed Funding round

• ByStartupStory     |    November 24, 2022

Galgal Money, a Mumbai-based fintech startup, has raised $1 million from angel investors. The company has been able to launch its app due to the availability of funds in time. They have launched the app at a rapid time-to-market pace and accelerated customer acquisition. Apart from this, the firm is also planning to invest in product development to boost its customer experience and focus on offering new features that can further boost the neo-banking experience.

“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’,” said Harsh Chhatrapati, founder, of Galgal.

The Galgal app features an advanced AI system that is capable of notifying users when they overspend or underspend. This feature is based on the understanding that efficient money management behavior can be developed like any habit by using reward and punishment. The users of the app have the option to feel good, or guilty about an expense, which helps them in building good money management behavior, said the company in a statement.

Galgal also provides an attractive visa prepaid card. The app doesn’t charge a credit fee or any other hidden charges, unlike most of the other companies in this segment. The company achieved a huge feat when it generated a waitlist of more than 5,000 people through its website in the beta stage. As of now, the app is live and available on both Android and Apple devices.  Galgal was founded in 2021, by Harsh Chhatrapati and Arun Iyer, Galgal Money is a new-age Mumbai-based fintech startup whose primary focus is to bring coherent banking solutions to the youth. They are guided by their purpose of simplifying money management and making savings stress-free.

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