India-based EarlySalary has raised around $15.8m in a Series B funding round led by Eight Road Ventures.
Other commitments came from IDG Ventures India, Dewan Housing Finance Corp and seed investor Ashok Agarwal.
EarlySalary is a mobile app that allows salaried individuals to access instant loans on a 30-day period, or until the next pay day. The platform completes risk assessments by leveraging social profiling, with the solution now used in 15 cities across India.
The short-term loan platform helps consumers get access to credit within minutes.
This new line of capital will be used by the company to increase its growth plans and target 100,000 loan disbursements per month by the end of the year.
Eight Roads Ventures principal Dhyanesh Shah said, “The financial services market in India is ripe for disruption, and we have been actively looking for differentiated opportunities. EarlySalary has stood out for its unique consumer proposition and exceptional management team.
“The company has cleverly leveraged data and technology to provide instant affordable loans to an otherwise excluded customer segment.”
Following the transaction, Dhyanesh Shah will join EarlySalary’s board of directors.
This investment comes less than a year after the company raised its last round of funding, with EarlySalary picking up $4m last May. The previous investment round was led by IDG Ventures and DHFL.
Earlier this week, India-based P2P lending platform Any Time Loan closed a $3.9m investment from Spice Mobility.
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