Dipti Gore
25th Nov 2015,Mumbai, Maharashtra, India: EarlySalary.com, a FinTech startup, has successfully raised USD 1.5 million seed capital from Ashok Agarwal of Transcorp Group. The seed raised will be used towards building a mobile app-based lending platform that is set to revolutionize the lending space in the country. The venture is co-founded by a 3-member team comprising of Akshay Mehrotra, Ashish Goyal, & Jay Jain.
Seed capital investor Ashok Agarwal of Transcorp Group commented “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 bring 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.”
Speaking on the occasion, Akshay Mehrotra, Co-Founder & CEO of the venture said, “We as a population are dominated by a strong middle class & young individuals. There have always been times of the month where we are left with empty pockets. Being broke at the end of the month is a common problem, and EarlySalary.com plans to help provide a small bridge loan to tide over that short difficult period till your salary reaches your account.”
Akshay further explained, “EarlySalary.com moves away from conventional underwriting formulae of lending and looks more towards the e-Information of an individual to truly 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.”
The mobile first app aims to reach out to ever connected individuals. With EarlySalary.com’s technology driven approach, it hopes to solve the issues of transparency and mitigating information asymmetry. EarlySalary.com App aims to make the process simple, quick, and trustworthy.