India-based Galgal Money, a money management app, has reportedly raised $1m in its seed funding round.
The capital was supplied by unnamed angel investors, according to a report from livemint.
These funds will help Galgal Money launch its app and accelerate its customer acquisition. Funds will also be put towards product development initiatives and building features that meet customer demands.
Galgal Money describes itself as the feel-good banking app. Its mobile app, which is available on Android and iOS, enables users to better manage their savings, budgeting and other money management needs.
One of the features is automated savings. When money enters the account, it is automatically split into different groups, such as essentials, rainy day and spending money. As part of this, the user can set rules, establish recurring bills and track all their outgoings. Galgal offers a Visa card that can be accepted around the world.
Galgal founder Harsh Chhatrapati told livemint, ?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 mission is to help users squeeze the most out of their money.”
India seed deal activity dropped by 23% in Q3, compared to the previous quarter, according to a report from FinTech Global. In the third quarter of 2022, there were 21 FinTech seed deals.
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