The Money Club, an AI-driven chit fund cashier mobile app, has received an undisclosed amount of seed funding from Venture Catalyst. Some major investors include Dhruv Agarwala, CEO of Proptiger.com; Bharat Jaisinghni, Director of Polarex Wire; Tushar Singh, Domino Investments; and senior technical expert Dr. Aloknath De. LetsVenture and Keiretsu Forum also participated in the seed funding round.
This Noida-based startup, founded by IIT-KGP alumni, uses advanced machine learning algorithms to bring transparency to online money club groups. The start-up claims that the platform continuously recognizes unique characteristics, which will be fed into its algorithms to weaken users’ funding constraints.
The Money Club provides its users a hassle-free experience – users get automatically added in the respective groups, no physical meeting required and the user can easily keep a track of all transactions. The users also get rewards for good behavior and the credit risk of each user is based on his behavior on the platform.
“With our investor’s support, we should become the largest digital player in this market in the next 5-7 years,” said Manuraj Jain, Founder & CEO of The Money Club.
Published in BluSmart on August 27 | Source: https://bit.ly/3bIHLJM
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