Mumbai-based fintech platform SuperMoney has raised $1 million (Rs 7 crore) in pre-Collection A spherical of funding from early-stage investor Unitus Ventures.
Nikhil Banerjee, Co-founder, SuperMoney, stated,
“The blue-collar client and the rising gig-economy segments are at this time not serviced by conventional banks and NBFCs, and that is the $100 billion market alternative that we’re tapping into.”
The startup plans to utilise the funds to strengthen its workforce throughout know-how, enterprise growth, and back-end operations apart from increasing operations past the 12 cities it’s at the moment operational in.
Began in January 2018 by non-public fairness and threat administration professionals Shiv Nandan Negi and Nikhil Banerjee, SuperMoney caters to gig economic system and blue-collar staff providing them a set of economic merchandise targeted in the direction of customised credit score, financial savings, and insurance coverage options. The startup’s typical prospects embody cab drivers, supply personnel, store ground staff, and different blue collar workers employed by companies.
The fintech platform is constructed on a B2B2C mannequin the place it accesses prospects by partnering with enterprises which have massive swimming pools of blue-collar staff, contract staff or service suppliers. SuperMoney gives micro-credit and micro financial savings options structured to suit the nuances of every job perform/use case within the respective sectors.
With 300,000 buyer registrations on the platform, SuperMoney has facilitated disbursement of over 55,000 loans up to now. The startup companions with main tech and gig economic system platforms together with Uber, Swiggy, Shuttl, Udaan, and MedPlus amongst others to increase its suite of merchandise.
“We intention to service 1 million prospects within the subsequent 24 months,” stated Banerjee.
Supermoney gives loans with a mean ticket measurement of Rs 10,000 presently for a tenure of two to 3 months.
“We perceive our buyer demography and their wants earlier than designing a monetary product that’s related to their downside. Banks, alternatively, supply a one measurement suits all answer,” added Shiv Nandan Negi, Co-founder, SuperMoney.
SuperMoney is operational in Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai, and Kolkata amongst different cities. In October 2017, the startup raised an angel spherical of funding from buyers together with Shachindra Nath, Chairman of Ugro Capital and Madhukar Gangadi, founding father of MedPlus.
In response to the startup, India has 200 million households with out formal entry to credit score and minimal penetration of insurance coverage and financial savings options. SuperMoney stated it bridges the hole between formal credit score entry and the underserved buyer with its distinctive method.
Srikrishna Ramamoorthy, Associate at Unitus Ventures, said,
“SuperMoney’s enterprise-led method makes their means to amass and repair prospects extra effectively and never simply underwrite but additionally navigate credit score cycles higher. They’re going past simply credit score and supply a set of economic merchandise that makes them engaging to prospects and their staff.”
(Edited by Megha Reddy)