Financial technology startup EarlySalary.com raises $1.5 mn

Proceeds to be used towards building a mobile app-based lending platform

EarlySalary.com, Pune-based financial technology (FinTech) startup, has raised $1.5 million (around Rs 10 crore) seed capital from Ashok Agarwal of Transcorp Group. The seed raised will be used towards building a mobile app-based lending platform.

Co-founded by Akshay Mehrotra, who holds an MBA from Symbiosis Institute of Management Studies, Ashish Goyal, a chartered accountant, and serial mobile entrepreneur Jay Jain, EarlySalary.com is an online lending platform that brings together new credit scoring systems for superior customer profiling.

"We as a population are dominated by a strong middle-class and 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," Mehrotra, co-founder and chief executive officer of EarlySalary.com, said in a statement on Wednesday.

Stating that EarlySalary.com moves away from conventional underwriting formulae of lending and looks more towards the e-information of an individual to deliver an e-eommerce experience, instant approval followed by disbursement, Mehrotra said EarlySalary.com was confident of ushering in a new way for the financial services business in the country powered by social media and strong data analytics.

"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," said seed capital investor Ashok Agarwal.