SUMMARY
The round saw participation from 500 Global, InfoEdge Ventures, Naval Ravikant-backed AngelList Quant Fund, among others
The startup has raised around $6 Mn so far
It plans to double its headcount to 110 people, with a particular emphasis on engineering role
Fintech startup Tartan has raised $4.5 Mn Pre-Series A funding from 500 Global, InfoEdge Ventures, Naval Ravikant-backed AngelList Quant Fund, WorldQuant Ventures, Varanium GenNext Fund, 9Unicorns, Yatra Angel Network, Emphasis Ventures (EMVC) and Naveen Kukreja.
The startup said it has raised around $6 Mn so far.
With the fresh funding, Tartan will focus on scaling its go-to-market operations, expanding in-house engineering team and further enhance its product offerings.
Founded in June 2021, Tartan offers a data API (Application Programming Interface) suite through which financial institutions can access their consumers’ payroll data with their consent to verify their income and employment status better.
Tartan claims to cover more than 20 Mn white collared employees and gig workers in India, while its API requests have reached 150,000 per month.
Its product covers not just CTC break-down and basic KYC details of employees but also deductions, PF contributions, attendance, and performance.
In addition to the API suite, Tartan has also launched an employee benefits marketplace called Batik. The platform is currently being used by HRMS software providers and employers alike to offer simplified benefits to their employees at a discounted cost. Benefits on the platform range from financial, health, and mental wellness options through a network of partners.
Through Batik, it is focussing on helping fintech lenders and providers to build several products such as earned wage access (EWA), salary-linked loans, credit card limit management, and emergency funds and distribute them to the work-force directly through their employers.
“Over the last year, rapid adoption of our product has exceeded our expectations as more and more ambitious businesses are choosing the right tools that allow them to build and launch their products for the key pillars of the economy, that is the workforce.” Pramey Jain, CEO and cofounder of Tartan, said.
The startup plans to double its headcount to 110 people, with a particular emphasis on engineering roles, to continue to support the build of innovative financial products such as earned wage access and expand into new areas including tax filing, among others.
According to an Inc42 report, the fintech ecosystem raised $3.4 Bn funding across 159 deals in the first half of 2022, compared to $2.1 Bn across 114 deals in the same period last year.
