EarlySalary.com, a FinTech startup, has raised $1.5 million in seed round from Ashok Agarwal of Transcorp Group and Founder of Indian Institute of Health. The raised capital will be used towards building a mobile app based lending platform that claims to revolutionize the lending space in the country.
The venture is co-founded by Akshay Mehrotra, Ashish Goyal, and Jay Jain. EarlySalary is a lending platform that brings together new credit scoring systems for customer profiling in India. With its technology driven approach, it hopes to solve the issues of transparency and mitigating information asymmetry. The startup helps customers to get loans. It aims to build a new credit scoring platform that combines traditional credit scoring with new social and online scoring technology-linked risk assessment concepts, to deliver a revolutionary new business model.
Speaking on the occasion, Akshay Mehrotra, Co-Founder & CEO of the venture said, “We as a population are dominated by a 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.”