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Pune-based start-up EarlySalary.com has successfully raised $1.5-million seed capital from Ashok Agarwal of Transcorp Group.
The FinTech start-up is co-founded by a 3-member team of Akshay Mehrotra, Ashish Goyal, & Jay Jain.
EarlySalary is a small bridge loan given till the next salary credit. The seed capital raised will be used towards building a mobile app-based lending platform. The aim is to introduce this platform in three months.
According to the investor, FinTech and e-lending platforms will lead the next batch of innovation in the e-commerce 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 brings 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,” he said in a statement.
Akshay Mehrotra, Co-Founder & CEO, said, “We as a population are dominated by a strong middle class and young individuals. There have always been times of the month where we are left with empty pockets. EarlySalary.com plans to help provide a small bridge loan to tide over that short difficult period till your salary reaches your account.”
EarlySalary.com moves away from conventional underwriting formulae of lending and looks more towards the e-information of an individual to deliver an e-commerce experience, instant approval followed by disbursement. “We are confident EarlySalary.com will usher in a new way for the financial services business in the country powered by social media & strong data analytics,” he added.
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