India’s first FinTech startup offering salary advances and instant cash loans, EarlySalary, has raised $50m of debt financing from IFMR Capital.
EarlySalary has already dispersed over 7,000 loans last month and plans to reach a target of around 30,000 loan disbursements per month of the end of the financial year.
The company provides a mobile app which allows people to apply and get a loan approval within minutes and instantly get it transferred into their account.
The company received $4m in its Series A round in May from IDG Ventures India and DHFL and says it plans to leverage its equity multiple times over the next few months.
EarlySalary Co-Founder & CEO Akshay Mehrotra said, “Since lending is our main business, money is working capital for us. Getting access to debt for an early stage lending start-up is the key to success.”
“IFMR becoming our 1st debt provider we feel more confident and hope to leverage multiple times on our current equity base and build a strong and large lending book.”
Copyright FinTech Global 2017
