myPaisaa is India's first fully digital chit fund app, utilizing a transparent auction process to facilitate savings and borrowing for users. By offering regulated chit plans with quick onboarding and 24-hour payouts, the platform addresses the financial needs of over 500 million underserved individuals in India, providing a reliable alternative to traditional banking systems.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional chit fund systems in India often lack transparency and accessibility, creating barriers for individuals seeking reliable savings and borrowing solutions. Many underserved individuals are excluded from formal financial services due to cumbersome processes and limited digital infrastructure.
Solution
myPaisaa offers a fully digital chit fund platform designed to provide transparent and accessible financial services. The platform streamlines the chit fund process through quick digital onboarding, in-app live e-auctions, and 24-hour payouts. By digitizing chit funds, myPaisaa aims to provide a secure and efficient alternative to traditional banking for savings and borrowing, ensuring compliance with regulatory standards. The platform facilitates a customer-first approach with 24/7 customer support and multiple chit plans to suit varied financial goals.
Target Audience
The primary target audience includes underserved individuals in India seeking accessible and transparent savings and borrowing solutions, particularly those who are not adequately served by traditional banking systems.
Features
- Digital onboarding with eKYC verification for rapid account setup
- Live in-app e-auctions for transparent bidding and fund allocation
- 24-hour payouts of winning bids and dividend distributions
- Multiple chit plans with varying durations and monthly savings amounts (e.g., ₹50k, ₹1 Lakh, ₹3 Lakh, ₹5 Lakh, ₹10 Lakh, ₹25 Lakh)
- Commission fee of 5%
- 24/7 customer support
- Fully compliant with the Chit Funds Act