Business Wire India

Akshay Mehrotra and Ashish Goyal, the Co-founders of EarlySalary
Akshay Mehrotra and Ashish Goyal, the Co-founders of EarlySalary

EarlySalary, India’s largest consumer lending application is now the first consumer fintech lender to complete a loan assignment transaction worth $1 million. This is in addition to NCD issuance of $2 million recently. The transactions have been structured and executed by Northern Arc Capital; an NBFC that partners with promising entities in India’s emerging sectors to provides them access to credit.
A loan assignment is a standard form of assignment under which a lender assigns its rights relating to a loan agreement to a new lender.  Northern Arc Capital through its in-depth understanding of the fintech space and the customized requirements of investors, executed the transaction providing an efficient funding solution to EarlySalary.
Ashish Goyal, Co – Founder and CFO of EarlySalary elaborated, “The last few months have been challenging for NBFCs and with the evolving liquidity situation, we wanted to expand our liability profile, wherein we explored the opportunity of innovative products like loan assignments and securitisation. We have also done an NCD issuance of $2 million recently.  We continue to look at all options to ensure that we have sufficient liquidity to expand our offerings to the customers. This transaction marks our journey to deepen the liability side of the business and we expect to do many more transactions in the near future.
Dr Kshama Fernandes, the CEO of Northern Arc added, “This transaction, set against the backdrop of a volatile market, is another proof of investors’ confidence in the quality of our partners and the stringent underwriting process of Northern Arc. Our modus operandi has been to start working with high potential entities when they are small to play an integral part in their growth story and our partnership with Early Salary exemplifies that.”
Akshay Mehrotra and Ashish Goyal founded the mobile first application, which turns three years on 22 February 2019. It has a presence in 17 cities around the country, has been downloaded over 9 million times and has disbursed more than 500,000 loans worth over INR 850 crores.
Both Akshay Mehrotra and Ashish Goyal are veterans in the financial space. Ashish has a deep understanding of the financial markets and ensures that EarlySalary’s liability profile is diverse and deep. He has over 18 years of experience and managed an AUM of approximately $7 billion in his previous role.About
Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app, which allows salaried individuals to avail of financial assistance. This is similar to salary advances or credit card cash withdrawals, empowering consumers with ready cash when they need it the most. The company conducts prudent risk assessment by leveraging machine learning to go beyond financial underwriting.
EarlySalary raised INR 100 crore funding in January 2018 led by Eight Roads (Fidelity) Ventures. With loans worth Rs. 850 Cr having already been disbursed, EarlySalary is helping customers borrow within minutes. While concentrating on providing instant loans to young working professionals, EarlySalary has fast become the 1st line of credit for young working professionals in India.
Key Features
  • Instant Salary Advance in less than 10 minutes
  • High Automation: 73% loans are Machine Approved & instantly disbursed
  • Instant Cash: Salary advance/cash loans transferred to bank anytime instantly
  • Short duration: Cash loans from 7 days up to 90 days for the first loans and repeat customers can get longer tenure loans also.
  • Instant Transactions: From Rs. 5,000 to Rs. 2 Lac cash transferred to the customer’s bank account
  • Shop now and pay later - ability to use the loan limit to shop online on credit on Amazon, Flipkart & Big Bazaar.
  • EarlySalary Shakti: special instant loans to underserved Blue & Grey Collared Working Professionals
  • FeES: education loans to pay for your child’s school fees & education needs or pay for a skill upgradation course.

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About Northern Arc Capital

Northern Arc Capital connects high quality NBFCs catering to financially excluded households and businesses, such as microfinance, affordable housing finance, fintech, small business finance, agricultural finance, consumer finance and vehicle finance with investors and lenders through debt capital markets. Through its partners, the company has impacted over 33 million households and businesses in over 580 districts of the country.
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Source: EarlySalary