Financial Inclusion | August 31, 2022

EarlySalary raises $110 million for instant-cash loans to India’s young earners

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, August 31 — The Pune-based fintech company aims to provide access to credit for underserved consumers in India’s Tier 3 and 4 cities.

EarlySalary provides instant credit, salary advances and buy now, pay later financing “to the growing, yet underserved, middle-income segment in India,” said Akshay Tanna of TPG, which invested via its impact-focused Rise Fund.

EarlySalary’s customers are using the loans “to finance upskilling courses, healthcare needs, personal emergencies and short-term cash flow mismatches,” he said.

Growth targets

EarlySalary is also looking to expand from 18 cities to over 150 cities and reach 1 million customers in India over the next two years. The Series D financing values the company at $300 million.

The funding will help EarlySalary “expand our cash business and build an array of capabilities to efficiently serve a larger segment of customers,” said CEO Akshay Mehrotra.