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SaveSage Club raises angel round

EntrackrEntrackr ยท 1y ago
SaveSage Club raises angel round
Medial

Credit card and loyalty management platform SaveSage Club has raised Rs 2.5 crore in an angel funding round co-led by iSEED, Alluvium Fund, and LetsVenture Fund, along with participation from angel investors including Bhavesh Gupta, Shriram Nene, Ritesh Malik, Ramneek Sehgal, Mayank Gupta, Rahul Mathur, Piyush Nangru, Utkarsh Kumar, Amit Goel, and others. The funds will be used to expand the platformโ€™s AI-driven capabilities, refine user experience, and drive rapid growth, SaveSage Club said in a press release. Launched in April 2024 by Ashish Lath, SaveSage Club provides a seamless, centralized solution to track, manage, and optimize over 500 credit cards and 74 loyalty programs, including popular options like Air India Maharaja, Singapore Airlines KrisFlyer, and Marriott Bonvoy. The platform aims to reshape how users manage their credit cards and loyalty programs. The Gurugram-based company aims to become the go-to platform for users seeking to make smarter financial decisions and maximize their rewards. The company addresses the very low awareness of reward optimization by serving as a bridge between users and their financial potential. Through its intuitive AI-powered platform, it simplifies the process of reward optimization, empowering users to effortlessly track, manage, and maximize benefits across a vast range of credit cards and loyalty programs. According to market research, Indiaโ€™s credit card ecosystem is poised for exponential growth, with over 107 million credit cards in circulation across more than 60 million users. The introduction of credit cards on UPI is expected to double these figures within three years. Within weeks of its beta launch, SaveSage Club claims to have attracted over 5,000 users, ranging from IT professionals to Ultra High Net Worth Individuals (UHNIs), who value the platformโ€™s ability to streamline and optimize their credit card and loyalty program reward points and benefits.

The Money Club raises $2.5 Mn in Series A

EntrackrEntrackr ยท 1y ago
The Money Club raises $2.5 Mn in Series A
Medial

On-demand liquidity platform The Money Club has raised $2.5 million in a Series A funding round led by Prudent Investment Managers. The round also saw participation from HNIs of Singapore and Dubai, 1Crowd AIF, along with its existing investors, including Venture Catalysts, LetsVenture, Z21 Ventures, and Supermorepheus. The company had previously raised $2.54 million from its existing investors. The fresh funds will be deployed toward developing financial inclusion solutions, expanding technological capabilities, and providing financial empowerment to underserved populations, The Money Club said in a press release. Launched in 2018 by Manuraj Jain, The Money Club provides a fully digital platform that offers its new-to-credit users on-demand liquidity without any physical paperwork. The platform is designed to cater to the unmet financial needs of low-income populations, particularly the 400 million lower middle-class Indians who face significant barriers in accessing traditional financial products. According to the Noida-based company, it enables users from across the country to rotate their savings digitally and access funds on demand in times of need. It runs entirely on UPI rails and collects valuable behavioral data, enabling a dynamic, real-time underwriting model that creates accurate credit profiles using more than 30 unique attributes per transaction. This approach provides 20 times more data than traditional credit models, significantly enhancing the previously non-existent digital footprint of nano-entrepreneurs to bring them under the ambit of the formal financial ecosystem. The Money Club claims to have successfully acquired over 7 lakh users, mostly new to credit, who have rotated approximately Rs 350 crore of their savings to date and generated a digital footprint of over 4.3 million transactions. The platform boasts a 98% user retention rate. It may compete directly or indirectly with other companies in this space, such as myPaisaa, Subspace, and Shriram Chits, among others.

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