PayMe India Secures Pre-Series A Angel Funding The funding will be used for augmenting paid-up capital and authorized share capital
By Prabhjeet Bhatla •
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Noida-based fintech startup PayMe India is a stemming cash partner assiduously offering loans to employees has been said to have successfully raised an undisclosed amount of pre-Series A angel funding, from its Singapore and Dubai-based investors.
The funding will be used for augmenting paid-up capital and authorized share capital.
Founded in 2016, the company lends loans to salaried professionals on a short and long-term basis as per their requirements. The company has been said to have built a proprietary underwing credit evaluation model to keep fraudulent applications and risk potential at bay. The platform also provides loan advisory services to assist its customers coming out of financial distress.
The endowment was led from Singapore and Dubai, along with India as the co-founders have also invested in this round of funding.
"From past five years, we have aggressively augmented because of business acumen and financial proficiency. We have been efficiently accomplishing the demands of the market. The investor support will additionally boost our amplitude and market expansion. Our operational procedure is tech-intensive and, hybrid technology is indispensable to build our mobile app - the one single app supports Android as well as iOS listings," shared Mahesh Shukla, founder, PayMe India.
Back in 2018, PayMe India exalted a $2 million backing from current investors. It included a line of credit from varied non-banking financial companies and fresh cash.
