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One of the FinTech Startup that focusses in getting loans to salaried community Early Salary has raised $782K debt financing from IFMR Capital. The company has raised funds to grow further from the count of 7000 loans per month, which it claims to achieve.
Kshama Fernandes, CEO, at IFMR Capital said, “Our strategy has always been to identify high potential companies at an early stage and support them by providing capital, customised structured product solutions and access to a wide spectrum of investors. We believe they are pioneers in using technology to disrupt the current retail credit ecosystem, successfully impacting a large number of professionals who are not served by banks”.
EarlySalary.com is a lending platform that brings together new credit scoring systems for customer profiling. They are mobile first interface to interact and helps customers to get loans within minutes. The online platform aims to build a new credit scoring platform that combines traditional credit scoring with new social and online scoring technology-linked risk assessment concepts, to bring a change in the lending market of India.
Indian Startup has been witnessing some home grown Startups which are looking forward to bring in handy loans to salaried employees in the event of any urgency or need. Other such Startups which are working with the similar business ideas are MoneyTap, Capital Float and LoanTap.