Pratik BhaktaFeb 06, 2020 17:17:29 IST
Mumbai-based fintech company SuperMoney that caters to gig economy workers has raised $1 million from Unitus Ventures, a fund that supports early-stage startups.
The company will use the funds to expand its team, invest in business development, strengthen backend operations beyond the 12 cities it is working in.
“The blue-collar consumer and the emerging gig-economy segments are today not serviced by traditional banks and NBFCs and this is a $100-billion market opportunity that we are tapping into,” SuperMoney co-founder Nikhil Banerjee said.
A private equity and risk management professional, Banerjee along with Shiv Nandan Negi founded SuperMoney that began operations in January 2018.
The company works with blue-collar workers, offering them financial products that focus on credit, savings and insurance solutions.
SuperMoney has partnered with enterprises and service providers that have a large pool of workers. It tailors micro-credit and micro-savings solutions that suit different job functions. The average size of the loan is Rs 10,000 for a two-three month term.
With 300,000 customer registrations, SuperMoney has facilitated disbursement of more than 55,000 loans to date. The startup has partnered with companies like Uber, Swiggy, Shuttl, Udaan and MedPlus to extend its suite of products.
SuperMoney, which has a presence in Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai and Kolkata among other cities, aims to serve 1 million customers over the next two years.
In October 2017, it raised an angel round of funding from investors including Shachindra Nath, Chairman of Ugro Capital, and Madhukar Gangadi, founder of MedPlus.
“SuperMoney’s enterprise-led approach makes their ability to acquire and service customers more efficient and not just underwrite but also navigate credit cycles better. They are going beyond just credit and offer a suite of financial products that makes them attractive to customers and their employees,” said Srikrishna Ramamoorthy, Partner at Unitus Ventures.
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