Fintech start-up SalarySe, which is planning to launch a product related to credit-on-UPI in April, will target a customer base of around one lakh salaried employees to begin with.
Scheduled commercial banks can now enable payments through a pre-sanctioned credit line for individuals, with prior customer consent, for transactions using the unified payments interface system.
The Reserve Bank of India last year allowed operation of pre-sanctioned credit lines at banks through UPI, stating it will expand the scope of UPI by enabling transfer to and from pre-sanctioned credit lines at banks.
Gurugram-based SalarySe, founded by Piyush Bagaria, Saumeet Nanda, and Mohit Gorisariya, is working with banks to launch its product to offer credit to salaried employees in three sectors mainly -- IT services companies, manufacturing companies and sales-driven companies.
“Our focus is on salaried people. We will access salaried employees through their employers. We are tying up with corporates. At the time of the product launch, we will go live with around 20-odd corporates with around 100,000 employees,” SalarySe co-founder Piyush Bagaria told businessline.
“Our target is to cater to around one crore salaried employees in the next three years,” Bagaria said.
Founded in 2023, the starto-up has secured seed funding of $5.25 million from Peak XV’s seed fund Surge and Pravega Ventures. The funding helped it develop the technology stack.
“As we will access our customers through their employers, customer acquisition costs will be low. This model makes underwriting process very efficient,” Bagaria said.