Fintech startup Early Salary’s Click Moment: Credit should be available with a tap on your phone

In my 20s, I was often struck by the fact that we were frequently left with no alternative than to turn to our family or friends for any financial assistance. Be it an unexpected medical emergency, or a move to a new city, we relied on informal source of credit or ended up paying high interest rate on our credit cards.

A few year later, while on a business trip, some former colleague and I wanted to explore the city, however, a few of them opted out since it was month end and they were short of money. This led to a conversation about how we should be able to rely on our smartphone for credit as well. That was the click moment for EarlySalary, when I realised that there was potential for a mobile application providing short-term financial assistance at a low interest rate to salaried professionals. I created a business model the same night, and went to my co-founder, Ashish with it.

Our revolutionary business model revamped the lending market in India. Early Salary introduced instant short-term loans, that were disbursed, based on a unique social media based underwriting system and machine learning platform. This allows even a person who is new to credit to borrow.

Early Salary is today one of the largest consumer lending application in the country, having dispersed over Rs1,000 crore, and growing at a rapid pace.

The application has been downloaded over 9 million times. Our credit line can be used to transact on Amazon, Flipkart, MakeMyTrip, Yatra and Big Bazaar. Similarly, we also offer education loans.

Running a cash intensive business such as lending is like being on a treadmill; you have to keep moving, to succeed. We have an unwavering passion for customer service and this has been the cornerstone for our success.

Akshay Mehrotra, CEO, Early Salary