EarlySalary, India’s largest tech-enabled digital lender & FinTech start-up announced its acquisition of CashCare, India’s first ever 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 commented, “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.”
Speaking on this occasion, Ashish Goyal, Co-Founder and CFO said, “Together, EarlySalary and CashCare will deliver a robust set of collaboration capabilities across the credit lending space. We believe that our combined efforts will give customers more choice and flexibility. Together, we will inspire our teams to collaborate and work towards achieving success like never imagined before.”
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 Rs100 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.