Do you know any startup that helps you with urgent financial needs?
Well, the startup culture has given us multiple options. Be it with online food delivery or the payment system app. Modern life swings between our website clicks. Besides multiple conceptualized startups, we wonder if you know any that helps with financial services.
Lending and borrowing money are simple concepts, but it becomes effortless when you have a corporation assisting with these services. So, we have presented the story of EarlySalary, a startup that is helping millions of people and companies with its quick financial services. Read on to know all about EarlySalary!
The Beginning of EarlySalary
Akshay Mehrotra, on a business trip, discovered that his colleagues weren't able to explore the new place because of the shortage of money at the month-end. He wanted to do something that could provide financial assistance at a low-interest charge to salaried professionals.
In 2015, the co-founders Akshay Mehrotra and Ashish Goyal were discussing the sources of immediate financial help for young professionals in India. Recognizing the need for instant cash during emergencies, the two resolved to step into the role of short term financial solution services with mobile technology.
Eventually, they launched the fintech startup 'EarlySalary' as the most hassle-free app to serve you for the last-minute cash needs. The platform has received many awards as it turns out to be India's earliest consumer lending platform.
What Differs EarlySalary?
When EarlySalary came up in 2015-16, the instant loan was a new concept in India. The company was born at a time when formal sources of credit were confined. Back then, rejection rates hindered loan approval rate with limited access by people.
It was like EarlySalary had to educate people about short-term loans for urgent cash needs. The EarlySalary application gives instant cash advances, lines of credit and interest-free EMIs. The app works on a unique algorithm that incorporates conventional credit scoring with the latest social and online scoring technology-linked risk evaluation concepts.
The best part about the platform is that all the procedures take only few minutes. Moreover, the loan amount debits into the applicant's account on the very day, and that's how EarlySalary provides instant cash services with a single click on the phone. Along with support to salaried people, the startup aims at education and school fee loans.
Presently, EarlySalary is one of the leading fintech startups in India. It recently exceeded a million loan dispersals worth about Rs 1,850 crores. This Pune-based startup has over 10 million app downloads with about 400,000 approved customers. With impressive growth in the last two years, the startup's revenues also rose. For future endeavours, the company is planning to increase its balance sheet to around Rs 800 crore by the end of 2020.
We wish the best of luck to team EarlySalary!
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