YENMO, a lending platform supported by Y Combinator that provides quick loans secured by mutual funds, has earned Rs 9.2 crore in a fundraising round headed by Y Combinator. Pioneer Fund, Zaka VC, and international angel investors also participated.
The money will be utilized by the business to increase operations, improve technology, and diversify its product line.
YENMO wants to implement a savings account feature that combines access to liquidity with increased interest rates, as well as secured lending options like loans backed by stocks. For a smooth loan application procedure, the business is also trying to streamline its online platform.
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“Many borrowers face issues like harassment and data misuse. At YENMO, we are building India’s first ‘Good Loan Company’ with ethical lending practices,” said Ashutosh Purohit, CEO & Co-founder. “This funding will help us expand our product range and develop a full-fledged lending stack in-house.”
YENMO provides loans secured by mutual funds with interest rates as low as 10.5%, which is far less than the 30%+ rates on personal loans. In an effort to increase credit accessibility and transparency, the organization is committed to offering customer-centric loan solutions with human-assisted support.
About Yenmo
At Yenmo, they believe there is a better way to lend money. It shouldn’t be with interest rates that burn a hole in your pocket, it shouldn’t be pestering customers with calls and messages. Instead it should be affordable, accessible and with the highest priority being customer satisfaction.
They hope to bring a modern way of lending which promotes healthy financial behavior. A behavior in which customers end up increasing their networth in spite of taking a loan. They hope to create a more financially sound ecosystem with Yenmo
