The Money Club, which helps users to save, invest and borrow, has reportedly raised its seed funding round.
India-based seed and angel investors firm Venture Catalysts led the round, with participation also coming from LetsVenture and the Keiretsu Forum, according to a report from VCCircle.
The company aims to bring people together to form “money clubs”, which can help them to make more savings than they would on their own.
Its mobile app lets consumers to join a group where they create a pool of money, where everyone contributes the same amount. The users can then bid on who gets the money, with the funds of the winning bid being distributed to the other members in the group.
The person who wins the loaned funds can then pay back the funds through instalments.
Venture Catalysts recently led the undisclosed seed funding round on fellow India-based FinTech Insurance Samadhan. The InsurTech startup helps consumers with any problems they have had with their insurance, whether it is from mis-selling or having a legitimate claim declined.
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