EarlySalary Acquires Consumer Lending Platform CashCare, Launches a New Feature of ‘Checkout Finance’
EarlySalary, Indian tech enabled digital lender & FinTech startup, has announced the acquisition of CashCare, a lending platform for online purchases. With this acquisition, EarlySalary has introduced a new feature of ‘Checkout Finance’ with the intent of allowing its users to shop now and pay later.
As part of the acquisition, Vikas Sekhri, the CEO of CashCare will be the Head of Strategy at EarlySalary, and Suraj Mundada, the CTO of CashCare will be the Chief Architect.
Elaborating on the announcement Akshay Mehrotra, Co-Founder & CEO at EarlySalary commented, “We are happy to have CashCare join our EarlySalary team and welcome them onboard. We see synergies being driven by technology, addressing the financial needs of the millennial audience, and our products complementing each other. With the launch of this new feature ‘Checkout Finance’, we are aiming to offer our customers the convenience to shop now and pay later. This acquisition marks a great opportunity for us to further our commitment to financially support our customers by deploying our combined offerings for the best possible customer advantage."
Vikas Sekhri, Founder, CashCare Technology said, "We are delighted to join EarlySalary, whose aim is to disrupt the credit market by minimizing human involvement, which perfectly fits in with our mission. With this synergy, we will be able to further develop our services for the young, working population in our country. Together, we can build a wide-ranging credit solution for online platforms, while making the consumer’s experience as easy as swiping a card.”
EarlySalary also launched their ‘Digital School Fee’ feature recently, in partnership with Avanse Financial Services. EarlySalary aspires to join the unicorn club this year, following a Rs 100 crore funding round in January 2018 from Eight Roads Ventures & existing investors IDG Ventures India & DHFL. Currently EarlySalary has a presence in 15 cities in India and is disbursing 30,000 loans per month.
Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app which allows salaried individuals to avail instant loans for a few days or till the next salary cycle. With over 3 million app downloads & nearly Rs. 275 Cr of disbursals across the country, EarlySalary has been working on introducing multiple products, line of credit functionality, EMIs and other products focused towards helping young working professions with credit needs.
The company claims to be processing around 25,000 loans per month at an annual disbursal run rate of Rs 600 crore. Also it is targeting to reach 1 lakh disbursals within the next twelve months and an annual run rate of Rs 6,000 crore.
In the fintech space, recently Mumbai-based B2B payments company PayMate announced the acquisition of Z2P (Zaitech Technology Pvt. Ltd.), a digital lending platform which provides hassle-free and real-time credit using social and banking data along with proprietary analytics and AI.
