The Money Club, an on-demand liquidity platform, has raised USD 2.5 million in their Series A funding round led by Prudent Investment Managers. The round also welcomed new investors which included HNIs from Singapore and Dubai, along with 1Crowd AIF. Existing investors that continued to back the company included Venture Catalysts, LetsVenture, Z21 Ventures and Supermorepheus. Radix Capital Advisors acted as exclusive investment bankers for this transaction.
“It has been an interesting journey with Money Club who we first evaluated three years back. During our continuous interaction we have seen the money club model evolve over a period of time. We are convinced now that with the first mover advantage and the disruption that Money Club is causing , a large and profitable business will be built. Our call is as much on the business model as it is on Manuraj, who has been navigating the business through its up and downs in the last few years , with a clear sense of direction and objectivity.”- Prashasta Seth, CEO, Prudent Investment Managers
The Money Club has been 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 and end up falling prey to local moneylenders and loan sharks.
Launched in 2018, by IITian Manuraj Jain, The Money Club provides a fully digital platform that offers its new-to-credit users on-demand liquidity.
“The funding will enable us to further develop our innovative financial inclusion solutions, expand our technological capabilities, and continue our mission of providing financial empowerment to underserved populations. This round is a testament to investors' confidence in the wide-ranging impact and massive potential of our disruptive business model, not only in India but globally,” said Manuraj Jain, Founder and CEO of The Money Club, who is also an alumnus of INSEAD and brings an extensive experience in investment banking, strategy consulting, and entrepreneurship to the organization.
His professional journey began with a globetrotting role at Schlumberger, where he worked on oil rigs for Fortune 50 oil companies. Later, he made a significant shift to Intellecap to pursue his passion for creating meaningful social impact. At Intellecap, he gained grassroots experience, working with SHG women in rural India. Building on this experience, he ventured into entrepreneurship by founding Vinculum Capital Partners, where he played a pivotal role in scaling a diverse portfolio of companies. It was during this period that the concept for The Money Club was conceived, driven by his vision to solve a massive problem at scale.
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