With Vrddi, organizations 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
The Money Club, a fintech company, introduced a financial well-being product that businesses can deliver to their staff members to ensure financial stability and loan-free freedom in dire situations name Vrddi. In India, the business expects to sign up five million customers from various organisations over the next five years.
The Money Club created the tech-driven employee benefits programme Vrddi. In order to give employees access to interest-free money in times of need or catastrophe, corporations must first establish a corpus.
“With Vrddi, organizations 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. He further added that only 3-4 per cent of those in need have access to loan advances from the company. Over 95 per cent of them are left on their own. The idea for Vrddi came from the necessity for a solution that would help working professionals manage unforeseen financial obligations. He noted that in these circumstances, the only choice is to seek out loans from friends, family, or even banking institutions.
An employee of the group may request and access this corpus at any time by making a choice from more than 60 predefined categories. An algorithmic decision-making mechanism is used to distribute the corpus funds on a monthly basis to a primary recipient. Employees are grouped into clusters of 10 to 12 people and everyone else, besides the principal benefactor, receives parking benefits.
A corpus is created by a group of employees or partners who make regular monthly contributions from their salaries after being confirmed by Vrddi and recommended by their HR. Through the Vrddi platform, contributors will have easy access to this corpus whenever they need it.