Tartan, a fintech startup has raised 4.5 million in its Pre-Series A funding round from 500 Global, InfoEdge Ventures.
The round also saw participation from Naval Ravikant-backed AngelList Quant Fund, 9Unicorns, WorldQuant Ventures, Varanium GenNext Fund, Yatra Angel Network, Emphasis Ventures (EMVC) and Naveen Kukreja.
Through the new funding, the startup will focus on scaling up its go-to-market operations, expanding its in-house engineering team, and further enhancing its product offering.
The Bengaluru-based Tartan was founded in 2021 by Pramey Jain and Meet Semlani, It provides a Data API (Application Programming Interface) suite through which financial institutions can access payroll data of their consumers with their consent to better verify their income and employment status.
Tartan’s product not only includes CTC break-down and basic KYC details of employees, but also includes deductions, PF contribution, attendance and performance.
“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”, said, Pramey Jain, CEO and cofounder of Tartan.
The startup claims to cover over 20 million white-collar employees and gig workers in India, while its API requests have reached 150,000 per month.
The startup has also launched an employee benefits marketplace called Batik, which is currently being used by HRMS software providers and employers alike to provide simplified benefits at a discounted cost to their employees.
Through its Batik platform, it helps fintech lenders and providers build a range of products such as earned wage access (EWA), wage-linked loans, credit card limit management and emergency funds, and provides them directly to the workforce.
To continue to support the creation of new financial products, Tartan plans to double its workforce to 110 people, with a special emphasis on engineering roles.
Tartan is an employee consent driven data exchange platform that enables real-time work & income verification and also allows employees to avail perks (like loans, credit cards, rewards) that are customized by their employer, in a single click.
They make it possible for each worker, either in the gig economy or white collared, to prove their credit worthiness through their income, rather than a bureau generated score.