Tuesday, June 18, 2024
Outlook.com
Outlook India
Outlook Business

The Money Club Unveils Vrddi: A Financial Well-Being Solution for Corporates

Vrddi gives businesses the ability to provide their staff with a financial well-being tool that allows them to handle their spending

The Money Club Unveils Vrddi: A Financial Well-Being Solution for Corporates

Start-Up Team

POSTED ON October 21, 2023 5:40 PM

The Money Club Technologies Pvt. Ltd., a fintech start-up, has introduced Vrddi, a financial well-being product. The newly introduced product is a tech-driven employee benefits program. In times of need or emergency, companies can grant their staff members access to interest-free assets by creating a corpus.

While explaining more about the product, the company said that a group of employees/ partners, verified by Vrddi and referred by their HR, create a corpus by making regular monthly contributions from their salary. This corpus will be readily available to contributors in their times of need through the Vrddi platform, the release added.

According to the company, employees who use Vrddi can get paid back almost ten times as much as they originally contributed. 

“With Vrddi, organisations can empower their employees with access to interest-free funds in emergencies without any paperwork,” said Manuraj Jain, co-founder, and CEO of The Money Club. 

An employee in the group can choose from more than 60 predefined categories to request and access this corpus in an emergency.  

Founded by Jain and Surajit Ray, the company provides on-demand liquidity in contingencies via group savings by integrating money pooling mechanics. With over 500k registered users and over Rs 200 Crore in total pooled funds, it is quite popular. Investors such as Blume Discovery Fund, Venture Catalysts, July Ventures, and SOSV VC support it. So far, it has raised $4 million in fundraising, reaching its last Pre-Series A round. 

  • Related Articles

    HiWi aims to support 25,000+ students across India with seamless remittance services to the tune of $100 million in the next year

    Cross-border Fintech Platform HiWi Raises Rs. 7.25 crores in Pre-Series A

    The Fintech Olympiad, which aims to promote financial literacy, has more than 2,000 colleges from India and beyond participating

    India Fintech Forum Launches Fintech Olympiad To Promote Financial Literacy Among Students

    The HPX initiative offers benefits such as access to capital, expedited commercialisation of innovative payment solutions, invaluable access to key industry partnerships, and more

    Hitachi Payment Services Launches HPX Programme For Fintech Start-Ups