New Delhi: Underlining its vision to address the various financial needs of Indian consumers, MoneyTap, a leading digital consumer lending startup in India, has launched MoneyTap Labs. MoneyTap Labs plans to play a part in educating people and help them become better users of financial products.
MoneyTap is also investing a lot in engineering talent to help the company scale up quickly. Apart from a lot of lateral engineering hiring, in 2020 MoneyTap hired 30 engineers from premium engineering colleges (IIT, NITs) and 20 more engineers will be onboarded in June 2021. Many of these engineers will get the opportunity to work on cutting-edge product ideas in MoneyTap Labs.
Commenting on the launch of MoneyTap Labs, AshutoshDabral, Chief Product Officer, MoneyTap said, “Since we started our journey in India, we have been fortunate enough to understand and cater to the credit needs of Indian consumers with our credit line product. While our core team remains razor-focused on launching new offerings that align with the evolving needs of consumers, MoneyTap Labs offers us a unique opportunity to experiment and launch transformative products. Gen Z is trying out non-traditional ways to achieve their financial dreams and their attitude towards money is very different. Most fintech products are focused on the transactional or functional aspect but we want to experiment a lot with interactions – the emotional and cognitive aspect of finances.”
The first launch from the MoneyTap Labs side is an expense splitting product called SuperSplitbuilt for the real India. SuperSplit allows consumers to create groups, add and keep track of shared expenses, send payment reminders, and finally settle payments on the app via UPI.
Commenting on the launch, Dhaarini Vijay, Senior Product Manager, MoneyTap Labs said, “Labs is like a startup within a startup and allows us to move at a lightning pace. In our first launch – the SuperSplit App – we focused on ease of use and UPI based payments to settle expenses. Surprisingly, our early data shows that most of our usage is coming from smaller towns in the country. We are now launching this in multiple vernacular languages to better serve the needs of the audience. This is just the first product from Labs and we have many more exciting launches lined up for the rest of the year.”
Since its inception in 2015, MoneyTap has served millions of Indian consumers, with disbursals of over 4000 Crores via their pioneering product, the Credit Line in partnership with leading banks and NBFCs. MoneyTap today also has 150,000 co-branded credit cards in the market in partnership with RBL Bank. In 2021, MoneyTap is also making a foray into EMI cards, Buy Now Pay Later and related categories.