Fintech enabler Tartan has announced the closure of $4.5 million Pre-Series A funding from 500 Global, InfoEdge Ventures, Naveen Kukreja’s Emphasis Ventures (EMVC), WorldQuant Ventures, and the AngelList Quant Fund backed by Naval Ravikant. Since the company’s establishment in June 2021, a total of $6 million has been raised, said the company.
The additional funds will be utilised in scaling the company’s go-to-market operations, growing its in-house engineering team and further enhancing its product offering.
Sharing his views, CEO, and Cofounder of Tartan, Pramey Jain, said, “With this latest round so closely following our seed financing, we’re more focused than ever on our social purpose-driven mission, which is to open up access to financial services and products for millions of people who are part of the workforce in India and globally, so they are financially healthy and can lead a happier life.”
“Over the last year, rapid adoption of our product has exceeded our expectations as more and more ambitious businesses are choosing the right tools that allow them to build and launch their products for the key pillars of the economy, that is the workforce,” he added.
Commenting on this, CEO and Founding Partner at 500 Global, Christine Tsai said, “Tartan’s API unlocks the power of income and employment data, driving the next wave of innovation in the fintech ecosystem.”
Tsai further added that, “Tartan aims to impact everyone who receives a salary or work fee. Such an immense opportunity, coupled with the company’s mission to build a larger data and distribution platform, uniquely positions Tartan to reshape the financial lives of today’s workforce in a positive way.”
Besides, the company said Tartan has achieved immense growth with the help of its white labeled data Application Programming Interface (API) suite that allows financial institutions to access their customers’ payroll data with their consent in order to verify their income and employment status better.
Tartan claims to have scaled its data connectivity coverage to more than 20 million white collared employees and gig workers in India.
It said, till date the number of API requests has grown by roughly 20 times, reaching 150,000 each month.
Along with the API suite, Tartan has introduced the Batik, an employee benefits marketplace. Employers and Human Resource Management System (HRMS) software suppliers are both presently using Batik to effortlessly give streamlined benefits to their employees at a cheaper price, said the company.
Through a network of partners, the platform provides several benefits from financial, health, and mental wellness options.
Currently, Tartan works with over 80 customers and partners, including banks, fintech lending platforms, credit bureaus, insurance companies, and recruiting firms. Tartan is also studying a number of other use cases within Buy Now Pay Later (BNPL) among other areas.
According to the fintech company, it assists companies in verifying the income and employment information of their users, enabling auto-population of forms for seamless user experiences, and has established the framework for standardising payroll and payslip data with first-of-its-kind data to the distribution platform.
Moreover, it includes not only a breakdown of the employee’s cost to the company (CTC) and basic Know Your Customer (KYC) information, but also information on attendance, performance, and Provident Fund (PF) contributions.
In terms of distribution, the company is assisting fintech lenders and providers to create new category-defining products like earned wage access (EWA), salary-linked loans, credit card limit management, and emergency funds and distribute them instantly to the new workforce through their employer with the use of its user-friendly marketplace Batik.
In order to continue supporting the development of cutting-edge financial products like earned wage access and to diversify into other markets like tax filing, etc., the company also plans to double its current workforce to 110 people, putting a special emphasis on technical roles.