Galgal, a Mumbai-based fintech startup, has raised $1 million in seed funding from angel investors.
As per the startup, the funds have enabled it to launch the app at a rapid time-to-market pace and accelerate customer acquisition.
Additionally, Galgal Money intends to invest in product development to rapidly enhance customer experience and focus on offering features that can enhance the neo-banking experience for the youth in India.
Galgal | New-age Money Management App
Founded by Harsh Chhatrapati and Arun Iyer in 2021, Galgal is a Mumbai-based fintech startup that offers a new-age money management app that focuses on bringing efficient banking solutions to the youth.
Its unique analytics engine is powered to make your savings, budgeting, and daily money management easy, stress-free and amazingly simple. Through its AI system, the Galgal app notifies users when they overspend or underspend.
Speaking about the development, Harsh Chhatrapati, Founder of Galgal, said,
“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’s mission is to help users ‘squeeze the most out of their money.”
As per Arun Iyer, Co-Founder & CPO of Galgal Money, the Galgal analytics engine automatically categorises the user’s spending pattern. Based on this, the user is periodically nudged to ensure they are always in control of their finances, also creating a hyper-personalized experience, making financial management easily accessible.
Additionally, every time a user spends money on non-essentials, the app asks them whether they felt good or bad about the spend, making the entire experience fun, simple and educational.
Just at the beta stage of the product, Galgal Money generated a waitlist of more than 5,000 people through its website. The Galgal app is now live and available on both Android and Apple devices.
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