Pune, Maharashtra based lender EarlySalary has raised $4m in Series A funding led by IDG Ventures India and Dewan Housing Finance Corp. The company will use the fresh funds towards product development, customer acquisition and expanding the team.
Over the past year, EarlySalary developed its underwriting system which is a self-learning algo based decision system. The system in real time reviews social media and credit bureau data of customers and helps approve the loan for them. Akshay Mehrotra also commented, “We are very excited to have IDG Ventures India and DHFL onboard as investors, and this combination and capital will provide the necessary growth impetus and management depth needed to accelerate growth and the innovation process at EarlySalary.” Managed by Pune-based Social Worth Technologies Pvt. Ltd, EarlySalary was founded in February 2016 by Akshay Mehrotra and Ashish Goyal. EarlySalary offers cash advances and short-term loans to young professionals. The credit is handed out for a period of seven days to one month.