Chennai: Fintech start-up EarlySalary on May 10 said that it has raised Series A funding of $4 million from IDG Ventures India and Dewan Housing Finance. Founded by Akshay Mehrotra and Ashish Goyal, the company had raised seed funding from Ashok Agarwal of Transcorp International earlier.

The start-up helps working professionals get instant loans and salary advances. The company intends to deploy the funds towards building its products and lending book and expanding the team.

“We are very excited to have IDG Ventures India and Dewan Housing as investors on board and this combination and capital will provide the necessary growth impetus and management depth needed to accelerate growth and the innovation process,” said Akshay Mehrotra, Co-Founder & CEO, EarlySalary.

“We believe FinTech firms are changing the way India will bank and EarlySalary’s capability of using social media based underwriting decisioning will help many young working professionals get access to credit which is otherwise not possible. This over a period of time will create a wealth of information on credit-worthy customers, to offer more diverse products through partners,” said Karthik Prabhakar, director, IDG Ventures India Advisors.

Source: Times of India