How MoneyView Is Helping Young Indians Take Control Of Their Finances

How MoneyView Is Helping Young Indians Take Control Of Their Finances

Fintech & Financial Services Startup50

In Startup 50 2017: Money View has built one of India’s fastest growing Personal Finance apps, Money View, helping its users apply for personal loans, invest in mutual funds and plan their overall financial future better. The platform serves more than 10 million users.  It is funded by Accel Partners, Ribbit Capital and Tiger Global.

Founders: Puneet Agarwal, Sanjay Agarwal 

Disruptive Technology: Money View is aimed at young Indians who want to take control of their personal finances by helping them manage their day-to-day finances smartly and effortlessly. It offers personalized financial products such as investment management and personal loans directly through the Money View app. Started in 2014, the company employs 55 people and the app currently has customers across 400 Indian cities. 

Differentiation and Innovation in Implementation

Money View helps users get a 360 degree view of their finances by pulling the data automatically from SMS inbox of the users (with user consent, the app culls and organizesSMS sent by banks and billers).

It provides personalized and relevant investment management and personal loans product information enabling users to sign up digitally and instantly from the app.

Users can get personal loans within a few hours directly in their bank account (across all 400+ cities) by submitting a digital application from the Money View app. In comparison, most banks and lenders require a physical application and take 5-7 business days to process the application. 

A large part of the mid-market segment (mid to lower income individuals particularly living in smaller cities and towns) are underserved by large banks and financial institutes. Money View provides access to financial products with a smartphone and a bank account. Through its investment products,it allows people to start saving and investing (in low risk Mutual Funds like liquid funds) as low as Rs. 100 a month.

With ICICI Prudential Mutual Fund, MoneyView offers Green Account, a first-of-its kind app-based solution to manage and save as well as invest in the products offered.Green Account offers Savings+ to grow idlebank account balance or monthly savings by starting investments with as low as Rs.500 with an anytime withdrawal option. Non-KYC users can submit e-KYC application from within the app in just 2-3 minutes, without any hassles of going anywhere or visiting a branch.

Tax Saver+ is the second product offered by Green Account that helps save uptoRs. 46,350 under Sec 80C, and gettax-free returns.

It was ranked Best App 2015 – Google India, and Runner-up in IBM start-up challenge.

Meera Srikant has been working with publishers and publications since 1993, writing and editing articles, features and stories across topics. She also blogs and writes poems, novels and short stories during leisure. Writing for The Smart CEO since 2010, she is also a classical dancer.

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