You go out to eat as a group. It’s nobody’s treat, so everyone’s got to pay up. But the process is overly cumbersome, and it takes quite a lot of time to figure out everyone’s share, and once you have ironed that out, you then have the uphill task of collecting all that money from different people through different sources realistically, making the process even more tedious with time, and you seriously consider the requirement of a solution to solve this issue, in order to save everyone’s time by cutting down on this multi-step schema and maybe settling for something much simpler? It’s fintech to the rescue.
goDutch tackles this issue head-on as it focuses on simplifying group payments for Millenials. Let’s find out how. goDutch is founded by IIT Bombay grads(Riyaz Khan, Anirudh Singh, Sagar Sheth) with a total work experience of 10+ years in the field of fintech. What’s fintech you ask?
It’s a portmanteau that comes from the term ‘financial technology’ that refers to using technology to improve activities in finance, as it goes head-on to compete with traditional financial methods It describes a plethora of technological services in personal and commercial finance. Fintech originated to be able to turn traditional financial practices obsolete, owing to its nimble nature, serving faster/better services to a largely undervalued segment. goDutch is a modern fintech app powering group payments for Millenials, backed by global VC investors like Y Combinator, as they focus on hassle-free, design-led, driven fintech innovation.
But how does goDutch actually work? You transact with your goDutch card, and it automatically allows your friends to pay their share, eliminating the previously cumbersome process. All you have to do is enter your phone number, in the app. This provides you with a virtual goDutch card with which you can select your group for the purpose of the outing. At the time of payment, swipe your goDutch card like any other, and an equal amount would be deducted from the linked bank accounts of all the group members, hence the group payment is done in a single swipe.
Headquartered in Mumbai, goDutch has raised over $150K in funding over one seed round as of March 16, 2020. Apart from Y Combinator, Soma Capital is another recent investor. goDutch provides a one-time configuration, wherein you link your payment mode once, and never have to pay more than your share at any point in your life. A robust platform, ensuring completely safe online payments, in a bank-grade security infrastructure that would put your mind at ease.
With the success stories piling in, goDutch takes a common problem and provides a simple yet effective solution to it. So the next time you go out with your friends, take goDutch for a ride.
goDutch Group Payment Split Bill Funding FinTech Startup India Investment