Fintech

The Money Club Secures $2.5 Mn in Series A Funding Round to Drive Financial Inclusion


Fintech startup The Money Club has raised $2.5 Mn (INR 21.1 Cr) in its Series A funding round, led by Prudent Investment Managers. Existing investors including Venture Catalysts, LetsVenture, Z21, and Supermorepheus also participated in this round.

The funds will be utilized to strengthen The Money Club’s technological infrastructure and extend its financial solutions to underserved populations.

Founded in 2018 by Manuraj Jain, The Money Club is a digital platform offering users on-demand liquidity without the hassle of paperwork. It primarily provides small-ticket loans in the INR 15-20K range, with funds disbursed within six hours.

Commenting on the funding, Jain said, “The funding will enable us to further develop our innovative financial inclusion solutions, expand our technological capabilities, and continue our mission of providing financial empowerment to underserved populations.”

The Money Club boasts a user base of over 7 Lakh individuals who have collectively rotated approximately INR 350 Cr of their savings. The platform has recorded over 4.3 Mn transactions to date, according to the company’s statement.

The startup employs a behavioral data-driven underwriting model that leverages over 30 unique attributes per transaction to create accurate credit profiles. This approach aims to improve financial access for its users.

The fintech sector in India continues to thrive, with over 24 fintech unicorns and 36 soonicorns reported by the fourth quarter (Q4) of the financial year 2022-2023 (FY23), as per Inc42’s State of Indian Fintech Report Q4 2023.

India’s fintech market is poised to become a $2.1 Tn opportunity by 2030, driving substantial investor interest and capital inflows.

The Money Club’s funding comes on the heels of other significant investments in India’s fintech ecosystem. Earlier, CredFlow, another fintech startup, raised INR 31.2 Cr in its Pre-Series B round co-led by Inflexor Ventures and a Singapore-based family office.

Similarly, in September, fintech startup Zinc raised $25.5 Mn (INR 214 Cr) in a seed funding round led by Nexus Venture Partners.

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