 "Now, an app to solve your month-end cash crunch problems")
If you are one of those who is cash strapped towards the end of month or are in need for an urgent loan, try EarlySalary.
Pune-based fin-tech startup EarlySalary.com, provides financial assistance to young professionals to overcome their mid-month and month-end financial needs.
The company provides unsecured loans from as low as Rs 10,000 up to Rs 1 lakh for up to 30 days. The app is currently available on Play Store for android smartphone users and will be available on iOS in a week. In a month from its launch, the app has registered 32,000 downloads. In the next 18 months, the company is eying transactions of Rs 300 to 400 crore. After Pune, it has also entered in Bengaluru market.
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“The rationale behind this technology led financial business is to provide an easy to use mobile application interface that is designed to help the consumers to apply for a short term loan to meet their immediate needs. Coupled with a fast and secure application process, lightning speed decision making capabilities and precise data analytics, EarlySalary aims to ensure that the money you request is available within a shortest possible amount of time,” Akshay Mehrotra, Co-founder & CEO, EarlySalary.
Currently, the company is doing 15 transactions every month. Also, it is planning to raise another round of funding of $ 10 million. The company is in talks with venture capitalists and other external investors. After Pune, it will further expand its operations to Bangalore. EarlySalary had received its seed funding from Ashok Agarwal of Transcorp Group of approx. $ 1.5 million in November last year.
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“The short-term lending model is something that has worked well in the UK and has helped create a completely new market within lending. We will make extensive use of a borrower's social media and mobile data before making lending decisions. The maximum loan amount will be of Rs 1 lakh and the maximum tenure of the loan will be one month," said Mehrotra.
On the recovery front, Mehrotra said, "The social media will play an important role determining who the loans will be disbursed to. If someone has defaulted on a loan payment, then chances are that Facebook 'friends' of that person might not find it easy to get a loan approval. Plus, we are tracking CIBIL record of every customer. "
The company is co-founded by Akshay Mehrotra (CEO), Ashish Goyal (CFO) and Jay Jain (COO) all of whom have over a decade of experience in financial services and technology field. The three bring to the table an expert combination of marketing, finance and technology.