Digital consumer lending startup MoneyTap has launched MoneyTap Labs. MoneyTap Labs will be educating people and help them become better users of financial products.
Furthermore, MoneyTap is investing majorly in engineering talent to help the company scale up quickly. It hired 30 engineers from premium engineering colleges (IIT, NITs) and 20 more engineers will be onboarded in June 2021. Many of these engineers will be getting the opportunity to work on cutting-edge product ideas in MoneyTap Labs.
Ashutosh Dabral, 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.”
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.”