London-based fintech and HRtech company Salaryfits has raised $5 Mn from Brazilian VC fund Confrapar to increase its presence in India, besides Latin America, Europe and Asia. Salaryfits has also partnered with an unnamed HRtech startup as well as fintech startup Wishfin in In India.
Talking about its expansion plans in India, Salaryfits head of operations in India, Guilherme Mota, announced that it has also formulated a strategic partnership with a Noida-based HRTech player to bring its technology and concept to over a million employees.One the other hand, credit marketplace Wishfin will use Salaryfits technology to launch innovative lending products from 2020.
Wishfin CEO Rishi Mehra said, “SalaryFits technology coupled with Wishfin’s strong underwriting and operational efficiencies will create a compelling value proposition for the customer.”
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Salaryfits, which entered India three years ago, has chosen to expand operations in the country due to the large unbanked population in the country. Along with that, the country also has a growing number of “new to credit” (NTC) customers, who are digital-savvy and young workers entering the financial market. The company was founded in 2015 by Renato Araujo.
Source: Inc42
