SOSV and Venture Catalysts lead pre-Series A round in The Money Club

P2P group savings platform The Money Club has raised $1.7 million in its pre-Series A round led by SOSV and Venture Catalysts. Blume Founders’ Fund, LetsVenture, Keiretsu Forum, Rockstud Capital, Astarc Ventures and LIV Advisors Ltd have also participated in the round.

According to The Money Club, the fresh capital will be used to bolster its technology platform and operations.

Founded by Manuraj Jain and Surajit Ray, the fintech startup has built an AI-based P2P Group Savings Platform to enable the lower-middle-class population to save, borrow and invest digitally. It leverages advanced machine learning algorithms to bring transparency into online money club groups.

The platform claims to have acquired over 200,000 users and has grown 500% in the last 12 months. Its users have pooled around Rs 40 crore by forming 17,000 money clubs on the platform till date.