Fintech startup Galgal raises $1 million in seed funding

Founded in 2021 by Harsh Chhatrapati and Arun Iyer, Galgal Money is a new-age Mumbai-based fintech startup focused on bringing efficient banking solutions to the youth, aiming to simplify money management and make saving as stress-free as possible.

Through the AI ​​system, the Galgal app is built to alert users when they are over or under consuming. This is based on the understanding that effective money management behavior develops like any habit on the basis of reward and punishment. The user has the option of feeling good, or feeling guilty about an expense, to be more mindful the next time they choose to spend.

Harsh Chhatrapati, Founder, Galgal, said, “While pursuing my education at Imperial College London, I found myself facing a problem that most students in this day and age face, Money Management. With fixed pocket money and a plethora of potential expenses, we end up young adults get frustrated when we see a huge gap 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 youth in India, simplifying money management for everyone. Inspired by the Indian lemon, Galgal’s mission is to help users get the most for their money.”

Co-founder, Arun Iyer, said: “Currently, Gen z makes up 375 million, which is over 25% of India’s population, whether they are students, first-time workers, fresh out of college, or hustlers.”

Once money is deposited into the Galgal account, the Galgal app allows users to create a budget that dynamically calculates the debt-free balance. “Galgal’s analysis engine automatically categorizes the user’s consumption pattern. Based on this, the user is periodically nudged to ensure they are always in control of their finances. This creates a hyper-personal experience that makes financial management easily accessible. The app automatically categorizes spending, and every time a user spends money on non-essentials, it asks them if they felt good or bad about the expense. This makes the whole experience fun, easy and educational,” added Iyer.

Galgal offers an attractive visa prepaid card without charging a credit fee or other hidden fees, unlike most other players on the market. Right at the beta stage of the product, the company generated a waiting list of more than 5,000 people through its website. The app is now live and available on both Android and Apple devices.