NuCash invests $2 million into the development of a financial super-app for students to make finance simple and friendly.
There has been a lot of activity in India’s fintech area, but only very few fintech startups have reached out to the underprivileged student market.
NuCash is an early-stage full-stack digital fintech firm that offers seamless banking solutions to students.
According to a press release, it announced that’s its founder is investing $2 million to accelerate growth and reach 42 million students in the next 12-18 months.
Students will be able to understand better and manage their financial demands thanks to the company’s one-stop super-app.
This super-app covers everything from banking, loans, and payments, as well as insurance, investments, and savings.
Accounts with zero balance, one-tap access to financial help, and human-only customer service managers are just a few of its features.
Ahit Joshi, a former Vice President of Engineering at Chegg, a listed American ed-tech company, established NuCash, he is the founder and the CEO of this startup company.
While there are several solutions focused on millennials and Gen-Z, Ashit believes that there is a lack of differentiated offerings for students.
Joshi also stated, “Our research shows that over 92 million Gen-Z youth struggles with savings, investments and accessing loans.”
He added that the company aims to assist Gen-Z in achieving their goals by providing them with the tools and resources to manage their finances, all of it totally digital and mobile-first.
The company’s motto is to break down the complicated world of finance into manageable pieces, making it more appealing to Gen-Z’s short attention span.
He also explained that in India the pandemic has attracted 10 million retail investors to the stock market.
That is only one example of the Indian market’s enormous growth potential, they’re here to help Gen Z take advantage of opportunities like these and become financially independent as soon as possible.
Early financial independence may help super-charge the Indian economy and put Indian youngsters firmly on the world map, he further added.
The startup hopes to reach 42 million students in the next 12 to 18 months with this initial round of investment.
The funds will also be utilized to hire a world-class team capable of constructing reliable technology infrastructure.
As per the press release, NuCash intends to become the market leader in financial apps for students within the next year.
The firm already has worldwide team members with expertise developing software solutions for a global market that includes, but is not limited to, the USA, Europe, and India.
Joshi himself has worked in the technology field before, he was the founding chief technology officer (CTO) of a fintech firm, Altruist, and served as the CTO and Product officer of Rocket Lawyer.
The release also mentioned that the NuCash app will be available for download soon on the company’s website, Google Play Store, and Apple App Store.
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