EarlySalary acquires CashCare and launches ‘Checkout Finance’ feature for its customers
Mumbai/Pune, May, 23rd , 2018: EarlySalary, India’s largest tech enabled digital lender & FinTech start-up announced its acquisition of CashCare, India’s first ever lending platform for online purchases. With this acquisition, EarlySalary has introduced a new feature of ‘Checkout Finance’ with the intent of allowing its users to shop now and pay later.
As part ofthe acquisition, Vikas Sekhri, the CEO of CashCare will be the Head of Strategyat EarlySalary, and Suraj Mundada, the CTO of CashCare will be the ChiefArchitect.
Elaboratingon the announcement Akshay Mehrotra, Co-Founder & CEO at EarlySalarycommented, “Weare happy to have CashCare join our EarlySalary team and welcome them onboard.We see synergies being driven by technology, addressing the financial needs ofthe millennial audience, and our products complementing each other. With thelaunch of this new feature ‘Checkout Finance’, we are aiming to offer ourcustomers the convenience to shop now and pay later. This acquisition marks agreat opportunity for us to further our commitment to financially support ourcustomers by deploying our combined offerings for the best possible customeradvantage. “
VikasSekhri, Founder, CashCare Technology commented, "We are delighted to joinEarlySalary, whose aim is to disrupt the credit market by minimizing humaninvolvement, which perfectly fits in with our mission. With this synergy,we will be able to further develop our services for the young, workingpopulation in our country.Together, we can build a wide-ranging creditsolution for online platforms, while making the consumer’s experience as easyas swiping a card.”
Speakingon this occasion, Ashish Goyal, Co-Founder and CFO said, “Together, EarlySalary andCashCare will deliver a robust set of collaboration capabilities across thecredit lending space. We believe that our combined efforts will give customersmore choice and flexibility. Together, we will inspire our teams to collaborateand work towards achieving success like never imagined before.”
EarlySalaryalso launched their ‘Digital School Fee’ feature recently, in partnership withAvanse Financial Services. EarlySalary aspires to join the unicorn club thisyear, following a Rs100 crore funding round in January 2018 from Eight RoadsVentures & existing investors IDG Ventures India & DHFL. CurrentlyEarlySalary has a presence in 15 cities in India and is disbursing 30,000 loansper month.