PayMe India, one of the country’s eminent FinTech establishments has recently acquired Non-banking Financial Company (NBFC) license from nation’s apex financial institution, the Reserve Bank of India (RBI) under Section 45(1A). Subsequently obtaining NBFC status, PayMe India is eligible to offer secured and unsecured financial products like short term Personal Loans, Business Loan, Education Loan, Credit Cards, etc.
“The company is having a valid Certificate of Registration dated June 25, 2019 issued by the Reserve bank Of India under section 45 1A of the Reserve bank Of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or of the correctness of any of the statements or representations made or opinions expressed by the company and for repayment for deposits/discharge of liabilities by the company,” RBI said in a statement.
PayMe India was established in 2016 by two financial wizards, Mahesh Shukla and Sandeep Singh with a seed capital of USD 2 million. Soon after the launch, PayMe India got widespread among the millennials as an advance salary provider. In 2018, it was mentioned among the top 30 emerging FinTech companies of India as embedded by INC 42.
PayMe India serves nearly 20,000 people every month from all over India offering short term instant loans, debt management services and credit score improvement solutions. Furthermore, this young FinTech entity is advance salary partner to employees of about 100 corporates.
With steady growth and NBFC certification, PayMe India has high prospects to receive substantial funds from banks, Wholesale NBFC’s, and PE firms.
The post is registered with RBI as NBFC, Mahesh Shukla, founder of PayMe India is keen to magnify its presence & to manifold its customers’ & products’ in the coming years. While speaking on future goals, he said, “In the current fiscal year, the company has strategized to add pecuniary products and services in its portfolio which will aid PayMe India to cater broader customer base.”
Rapidly moving towards their objective of “Spreading Financial Happiness”, PayMe India claims to resolve the cash crunch of individuals and businesses’ by being focused on salaried and blue collared employees.
“As per a recent survey, 89 percent of people in India earn less than INR 14K, and barely 5 percent of the people have the option to draw their salary in advance. With a range of diversified products, PayMe India aims to increase its market share by securing new and untested individuals,” further added by Mahesh Shukla.