MoneyyApp, a Fintech platform empowering small businesses, digital native solopreneurs and creators in India, has raised an undisclosed amount in a pre-seed funding round from AngelList Early Stage Quant Fund.
MoneyyApp plans to use the raised funds to expand its operations, increase product development and create awareness around the app to get more creators and solopreneurs into its network.
The startup said it raised an angel round in June with the support of GSF Founder Rajesh Sawhney, IndiaMart founder Dinesh Agarwal, Nazara Technologies' founder Nitesh Mittersain, BharatMatrimony founder Murugavel, along with Roshan Abbas and Gaurav Kapur, Arvinder Singh Gujral ex Twitter APAC Head also participated.
"With AngelList's Early Stage Quant Fund on our captable, we look forward use their expertise and track record in identifying gaps in the market that can be served by innovation. We will come up with innovative products and services and tools for digital natives and solopreneurs that can help them manage and grow their businesses," said Fayyaz Hussain, Co-founder & CEO of MoneyyApp.
Founded in early 2022 by serial entrepreneurs Fayyaz, Mohit Goyal and Aaditya Goyal, MoneyyApp provides creators in India with financial and business growth tools and alternative finance to help them scale faster and more efficiently.
As per industry reports, there are over 100 million creators and yet another 63.4 million MSMEs in India. However, over 80% do not have any technical know-how or financial tools to scale their products and services.
The Bengaluru and Singapore-based startup helps creators by providing tools to improve how they run their businesses. It also helps to remove the income disparity often present among creators who work on similar genres, categories, and verticals.
MoneyyApp's target audience is the approximately 100 million digital native solopreneurs/creators who currently make content for social media platforms like YouTube and Instagram and white dollar digital-gig platforms like Upwork. MoneyyApp has onboarded around 1,6000 creators to date and targets 10x growth.
“We are enthusiastic investors in MoneyyApp. We believe that great people build great companies and we know from our proprietary data that MoneyyApp is one of the most attractive start-ups in the world for talented job seekers,” says Abraham Othman, PhD of AngelList’s Early Stage Quant Fund