Content creators have a lot of potential online, especially in today’s digital age where social media and other platforms make it easy for them to reach a wide audience. Many content creators have built successful careers by producing and sharing original and engaging content on platforms such as YouTube, Instagram, TikTok, and more.
Even as the content creation economy is growing, there is room for improvement that could help them achieve their full potential. There are a bunch of startups, such as Cosmofeed and SyncMama, trying to empower content creators. MoneyyApp, a Bengaluru-based startup, is also chipping in with a fintech platform.
Founded in 2022 by Fayyaz Hussain, Aaditya Goyal, and Mohit Goyal, MoneyyApp focuses on creator solopreneurs that are evolving into MSMEs. The company essentially helps creators streamline things such as earnings from brand campaigns, connection with brands, analytics, and scaling up products or services on their respective social networking platforms. MoneyyApp is working on an alternative finance service, which underwrites the invoices of creators. It is expected to be widely available next year.
“We’re trying to connect with emerging creators and help them understand the importance of accounting tools. Once we onboard them, we help them scale their offerings, and eventually earnings,” Hussain told Entrackr.
Hussain, who previously headed business development for Paytm’s games division, highlighted such business tools might exist for conventional MSMEs but not for content creators.
He added that the company is currently focusing on select categories of creators – edtech, gaming, home chefs, and lifestyle. The company has onboarded more than 16,000 creators so far.
MoneyyApp, which also has an office in Singapore, has raised over $600,000 in funding, to date. The company is backed by Quona Capital, GSF Accelerator, AngelList Quant Fund, Alternate Ventures (Singapore), and EIG (Europe). It also counts Nitish Mittersain (founder of Nazara Games), Dinesh Agarwal (founder of IndiaMart), Amit Singhal (partner, Fluid Ventures), and Tej Kapoor (partner, IvyCap Ventures), among others as angel investors.
The company is currently in the process of raising seed funding, Hussain said, without disclosing further details. He expects the round to be closed next year.
That said, content creation space has become an attractive industry for youth with many creators already gaining wide fame. As mentioned above, not all creators can monetize their services efficiently. Naturally, several startups have emerged to bridge this gap. In the case of MoneyyApp, similar firms like Spotter and Jellysmack have already become $1 billion companies.