OpenWorld Money to launch services on Jan 20

The startup would assist customers in choosing the right product besides acting as a market place for financial products and services

OpenWorld Money, a new aggregation and intermediation platform designed for financial services, will be rolled out on January 20, according to Nandagopal, promoter and chief mentor of the integrated financial services startup.

Interacting with reporters on Monday, Nandagopal, who had recently quit the insurance industry to launch his venture, said OpenWorld would assist customers in choosing the right product besides acting as a market place for financial products and services.

The startup is initially focusing on customers in the 25-35 age group by targeting the social media and other internet-based communication channels through various marketing initiatives as it seeks to build a 1-million strong customer base that is comfortable using digital medium for financial transactions.

The firm plans to generate revenues through tie-ups with the product providers, customer membership and digital promotion among other things.

He said the firm would enter a deal with one of the venture capital firms to raise $2 million in series A funding at the end of the first year of the operations. A little over $1 million has been spent on developing the platform and most of this money has come from his own personal savings, Nandagopal said.