New Delhi, Sep 28 (PTI) The Money Club, a fintech start-up that has built an AI-based peer-to-peer group savings platform, on Tuesday said it has raised USD 1.7 million (about Rs 12.6 crore) in funding from SOSV, Venture Catalysts and others.
The pre-Series-A round also saw participation from other investors, including Blume Founders' Fund, LetsVenture, Keiretsu Forum, Rockstud Capital, Astarc Ventures, and LIV Advisors Ltd, according to a statement. The Money Club will use the funds to bolster its technology platform and operations, it added. Founded by Manuraj Jain and Surajit Ray, The Money Club leverages AI algorithms to effectively underwrite high frequency, micro pooling of funds by studying user behaviours.
"Users have been pooling money for over 700 years and this market has been growing 15 per cent CAGR (compound annual growth rate) for the last 10 years. High onboarding barriers and lack of innovation in Savings products, has driven 180 million in India to resort to pooling funds illegally in the form of committees, beesi, chitty and chit funds and expose themselves to fraud and loss of their hard earned money," The Money Club founder and CEO Manuraj Jain said.
He added that the company aims to make a savings product that is relevant, lucrative, safe, secure and transparent for over 40 crore low-middle income people of India. The Money Club platform has acquired over two lakh users and has grown 500 per cent in the last 12 months. The users have pooled around Rs 40 crore by forming 17,000 money clubs on the platform till date, the statement said.
* LTI, eClinicalHealth partner to accelerate innovation in clinical research
* Larsen & Toubro Infotech (LTI) on Tuesday said it has entered in a strategic partnership with eClinicalHealth Ltd to accelerate digital innovation in R&D clinical trials management process for patient centric drug development.
The partnership will help clients decentralise clinical trials, setting new benchmarks of excellence in clinical research space, according to a statement. eClinicalHealth has launched a cloud-based patient-centric SaaS solution, Clinpal that improves patient engagement for each clinical trial journey.
As part of this strategic partnership, LTI, with its digital, technical and life sciences domain capabilities, will help accelerate joint go-to-market pursuits and faster deployment for Clinpal Adopters, the statement said.
The solution will make use of exponential technologies such as analytics and AI to enhance patient engagement and faster clinical studies.
"At LTI, we are on a journey to drive digital transformation for various aspects of clinical trials. Our endeavour with eClinicalHealth partnership is to accelerate and streamline the enablement of Decentralised Trials, to reduce patient burden and drive acceleration of clinical trials," LTI executive vice-president and global delivery head (life sciences, media, consumer and technology) Archana Ramanakumar said.
* NORD/LB selects TCS as strategic partner for IT transformation
* IT services major Tata Consultancy Services (TCS) on Tuesday said it has been selected by German commercial bank NORD/LB as its strategic partner for IT transformation.
NORD/LB has embarked on a transformation journey that targets a new business model by 2024, and a leaner, more agile operating model. It has partnered with TCS in this journey for the latter's extensive knowledge of Germany's banking and financial services as well as its proven track record of executing large transformation programmes, a statement said.
As part of the five-year partnership, TCS will work with the bank to simplify and transform its application estate across multiple businesses – financial markets, wholesale and retail banking, through application consolidation and automation, it said.
TCS will help NORD/LB adopt newer technologies to automate manual processes in the application management environment and enhance operational resilience, it added.
Over 50 lakh MSMEs registered at Udyam Registration portal
* Over 50 lakh MSMEs have registered themselves at MSME/Udyam Registration portal, launched on July 1, 2020, according to an official statement released on Tuesday.
The registered units include over 47 lakh micro organisations and 2.7 lakh small units, it said. The portal is seamlessly integrated with the Central Board of Direct Taxes (CBDT) and goods and services tax (GST) networks as also with the GeM.
"Enterprises which are not yet registered, should register themselves to avail the benefits of the Ministry of MSME and other government agencies. The registration is free of cost and should be done only on the government portal," it added. HRS hrs
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