The Money Club launches ‘Vrddi’ a financial well-being product for corporates

By Gloria Mathias

FinTech company The Money Club has launched Vrddi, a financial well-being product that organisations can offer their employees to provide financial security and loan-free freedom in times of crisis.

Vrddi, is a tech-driven employee benefits program. A corpus is created that enables organisations to provide their employees with access to interest-free funds in times of financial need or crisis.

The startup plans to onboard 5 million users across organisations in India over the next five years.  Through Vrddi, employees can receive a payout of nearly ten times their initial contribution.

A group of employees or partners, verified by Vrddi and referred by their HR, create a corpus by making regular monthly contributions from their salaries. This corpus will be readily available to contributors in their times of need through the ingenious Vrddi platform.

“With Vrddi, organisations can empower their employees with access to interest-free funds in emergencies without any paperwork,” said Manuraj Jain, co-founder and CEO, The Money Club.

During any emergency, an employee in the group can request and access this corpus by selecting from over 60 predefined categories. The corpus money is given monthly to a primary beneficiary using an algorithmic decision-making system. Employees are grouped in clusters of 10 to 12, and the remaining members other than the primary beneficiary receive parking gains.

“We have seen that only 3–4% of the needy get access to loan advances from the company. More than 95% of them are left to fend for themselves. Vrddi was born out of a need for a financial wellness product for working professionals dealing with unforeseen financial expenses and burdens.” Jain added that in such situations, the only option is to go for loans from friends, family, or even lending institutions.

Vrddi addresses these challenges by using unique algorithm-based decision-making for disbursements and eliminating human bias. The product can be integrated into any human resources management tool, and disbursements are paperless and swift.

The Money Club plans to onboard over one lakh workforce to Vrddi in the financial year 2024 across diverse industries such as telecom, hospitality, automobiles, retail, IT, eCommerce, Logistics, and manufacturing.