Fintech platform Yenmo has secured $500,000 in a seed funding round led by US-based startup accelerator Y Combinator.
The platform provides other businesses with a full-stack API solution to include loans secured by mutual funds within their offerings. It also intends to introduce new goods including land, insurance, digital gold, and loans secured by stocks.
“We aim to bring in a suite of lending options that were only accessible to high net worth individuals previously, now to every Indian consumer,” Ashutosh Purohit, ceo and cofounder, Yenmo, said.
By using a novel approach, Yenmo promotes financial inclusion by approving loans based only on the mutual fund assets made by users, rather than running credit-score checks.
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During the loan’s term, users are only required to pay interest; the initial amount can be repaid whenever funds are available.
They aim to provide better financial products to customers by reimagining loans, credit cards, credit on UPI, and BNPL services in a way that can leverage their investments to unlock more value.
About Yenmo
Founded by Aryan Agarwal and Ashutosh Purohit, Yenmo offers a better way to access cash for India’s 60 million investors who either resort to personal loans at over 18% interest or have to liquidate their investments when in need of money. With Yenmo, they can pledge their investments digitally and instantly get a loan at a flat 10.5% interest rate.
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