With this acquisition, EarlySalary has introduced a new feature called ‘Checkout Finance’ that allows customers to shop now and pay later.
Akshay Mehrotra, Co-Founder and Chief Executive Officer at EarlySalary, India’s largest salary advance and instant loan mobile app said, “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,” he added.
According to Vikas Sekhri, Founder, CashCare Technology, for whom making the consumer’s lending experience as easy as swiping a card remains a key priority, by joining hands with EarlySalary, the duo would now be able to build a wide-ranging credit solution for online platforms.
With a view to disrupt the credit market by minimising human involvement, Pune- based FinTech start-up has been working on introducing multiple products, line of credit functionality, EMIs and other products focused towards helping young working professions with credit needs.
The digital lender claims that it can disburse up to 50% of an individual’s salary in less than 10 minutes and based on the nature of the loan amount requested, the company offers repayment tenures ranging between seven days to a maximum of three months.
The company has capped the upper limit for sanctioning loans at Rs 2 lakh.