FinTech Start-up EarlySalary Raises $4 Million as Series A funding from IDG Ventures India & DHFL
(Left to Right: Akshay Mehrotra (CEO), Ashish Goyal (CFO), Vivek Jain (CTO), Vimal Saboo (CBO)
- With EarlySalary Mobile App, Ultra Short TermLoan On Mobile App, Real Time, Any time is becoming a fast reality forMillennials and Gen Z.
- India’s 1st Start-up to offer Salary Advances& Instant Cash Loans on Mobile App
- Super-Fast decisioning helps get loanapproval in seconds with the help of Social algorithm and artificial machineintelligence
- Only Lender which helps young workingprofessionals get access to credit without Credit Bureau history boosting theirfinancial confidence
Mumbai/Pune,INDIA, 10th May 2017, EarlySalary India’s first FinTech startup to offer SalaryAdvances and Instant Cash Loans has announced its Series A funding of $4Million from IDG Ventures India (IDGVI) and Dewan Housing Finance Corp Ltd(DHFL).
Thecompany focuses on helping young working professionals get Instant Loans andSalary Advances in minutes and is fast becoming the first line of credit toyoung working Indians. More than 80% of its customer base is in their firstcareer roles and most of them are new to credit and are first time borrowers.Over the past year, EarlySalary developed its Underwriting System which is aself-learning Algo Based Decisioning System. The System in real time reviewsSocial Media and Credit Bureau data of customers and helps approve the loan forthem.
Targetedat young working professionals with a clear focus, - ‘1st line of Credit foryoung working Indians’, Akshay Mehrotra, Co-Founder & CEO commented ‘We arevery excited to have IDG Ventures India and DHFL as Investors on Board and thiscombination and capital will provide the necessary growth impetus andmanagement depth needed to accelerate growth and the innovation process atEarlySalary.
AshishGoyal, Co-Founder & CFO further added, ‘As a team, we are focused onsolving the problem of providing access to instant credit & cash for ashort period of time and at a reasonable price all time anytime’.
Speakingon this occasion, Karthik Prabhakar, Director, IDG Ventures India Advisorssaid, ‘We believe FinTech firms are changing the way India will bank andEarlySalary’s capability of using Social Media based Underwriting decisioningwill help many young working professionals get access to credit which isotherwise not possible. This over a period of time will create a wealth ofinformation on credit-worthy customers, to offer more diverse products throughpartners’.
Commentingon the development, Harshil Mehta, CEO, DHFL said, “We see a potentialopportunity in EarlySalary which is led by an enterprising and talented groupof founding members. The financial technology space in India is at an excitingstage and is steadily making deep inroads into the BFSI industry supported bycutting edge technology. We look forwardto a synergistic association that will enable us to leverage their technologysolutions, and to working closely with the team as they scale up the business.”
TheSeries A capital will be primarily deployed in three particular areas, vizz:
1.Build leverage on capital deployed for building products and lending book
2.Expand team specifically in skill sets of machine learning.
3.Grow customer base and provide 200,000 loans in this FY
EarlySalarywas co-founded by Akshay Mehrotra and Ashish Goyal 18 months back and hadraised Seed Funding from Ashok Agarwal of Transcorp International. Till date,the app has received 3,50,000+ downloads across its Android & iOS mobileapp platform. The company has distributed 15,000+ loans to customers borrowingbetween Rs.8,000 to Rs.1,00,000 at a low cost of Rs.9 per Rs.10,000 per day.The company also partners with many large Corporates as well as SMEs across thecountry to give Salary Advances to employees.
EarlySalaryis a short term small amount Loan given to Salaried Individuals on a mobileapp. These loans are similar to salary/cash advances or credit card cashwithdrawal. EarlySalary is a mobile app which allows you to apply and get aloan approval within minutes and instantly get money transferred to youraccount. Coupled with Social profiling which gives better risk assessment,helps go beyond financial underwriting and IndiaStack; EarlySalary aims to domore prudent risk assessment and lend better and is today fast becoming thefastest lender in the country.
• Super Fast: 70% loans are given in under10 minutes
• Instant CASH: Salary advance/cash loanstransferred to bank anytime instantly
• Short duration: Cash loans from 7 daysup to 30days
• Instant Transactions: From Rs.8000 toRs.1Lac Cash transferred to Bank
KeyFounding Members Include:
AkshayMehrotra, CEO, previously served as the Chief Marketing Officer at Big Bazaar,Future Retail Limited, CMO at PolicyBazaar.com & Marketing Head at BajajAllianz Life Insurance
AshishGoyal, CFO, is a chartered accountant by education and previously served as theChief Investment Officer at Bajaj Allianz General Insurance.
VimalSaboo, CBO, previously served as the Business Head of Edelweiss Capital andalso served in senior roles at Axis Bank.
VivekJain, CTO, who previously served as the Principal Technology Architect atInfosys.
Formore information please visit www.earlysalary.com
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