Mumbai-based fintech startup, EarlySalary.com, has raised $1.5 Mn in seed round of funding from Ashok Agarwal of Transcorp Group.
The startup will use the proceeds in building a mobile app-based lending platform with which it plans to revolutionise the lending space in the country.
Co-founded by Akshay Mehrotra, Ashish Goyal and Jay Jain, EarlySalary, is a lending platform that brings together new credit scoring systems for superior customer profiling in India. It provides its customers a small bridge loan till the next salary credit. EarlySalary’s credit scoring platform combines traditional credit scoring with new social and online scoring technology-linked risk assessment concepts, to deliver a revolutionary new business model.
The startup is also developing a mobile first strategy that will help customers get loans within minutes through the app by solving the issues of transparency and mitigating information asymmetry.
Akshay Mehrotra, co-founder & CEO of EarlySalary anecdotes that there have always been times where one is left with empty pockets by the end of month. EarlySalary.com plans to provide a small bridge loan to tide over that short difficult period till the salary reaches the account.
Ashok Agarwal of Transcorp Group and investor in EarlySalary said, “FinTech and e-lending platforms will lead the next batch of innovation in the ecommerce space. EarlySalary.com is just the disruption that we were looking for, and we strongly believe it has all it takes to give the retail lending industry a new direction. The team bring together an amazing mix of both experience & energy to give the company a healthy shape. In the upcoming months, look forward to experience new age lending products by EarlySalary.com for the young Indian customer.”
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