Noida-based online lending startup PayMe India has reportedly raised $2 Mn in funding from Singapore-based angel investors. The startup will use the funding mainly for capacity and market expansion, as per a Times Of India report.
PayMe India was founded in 2016 by Mahesh Shukla and Sandeep Singh. The startup offers an option of ‘Advance’ salary to the salaried employees, to help with short-term funding requirements. As mentioned on its website, PayMe India has developed an exclusive lending programme for the corporate employees of organisations that are partnered with them for Advance Salary.
Under the Corporate Cash Advance lending programme, employees of any partnered organisations can borrow up to a whopping 50% of their net monthly income, payable against the following month’s salary.
At present, it claims to have 43K+ customers and has disbursed loans worth $8.3 Mn (INR 56 Cr), as mentioned by the TOI report.
In the advanced salary segment particularly, another major player is EarlySalary, which raised $15.7 Mn in a Series B funding round in January 2018.