[Funding alert] HRtech company SalaryFits raises $5M, partners with Wishfin
London-headquartered SalaryFits has raised $5 million from Brazilian VC fund Confrapar. According to media reports, the HRtech company will be using the funds to expand its operations in India.
The company, which has also partnered with fintech startup Wishfin, recently also teamed up with a HRtech company, the name of which it refuses to disclose.
Guilherma Mota, Head of Operations at SalaryFits, said:
"SalaryFits brings a successful model that promotes financial inclusion and fairer access to financial products. Financial benefits and empowerment of employees' through financial wellbeing solutions are still at very nascent stages in India, and we are happy to bring forward our thought leadership in the country. We recently entered into a strategic partnership with a leading HRtech player, to bring our technology and concept to over one million employees."
SalaryFits was founded in 2015 by Renato Araujo. The platform allows financial institutions to integrate their systems with payroll information of entities, providing access to a new risk assessment tool.
The startup is already serving Latin American, European, and Asian markets. It entered the Indian markets three years ago. Prior to this round, it had raised seed capital worth $1.3 million, across two round, from Portugal 2020 and Level39.
Noida-based Wishfin is an investment, credit, and smart financial management company. Founded in 2016 by Puru Vashishtha and Rishi Mehra, the startup operates under parent company Mywish Marketplaces. It uses technology and financial expertise to empower customers and help them make responsible financial decisions. So far, Wishfin has raised $17 million, across two rounds. It is backed by Franklin Templeton Investments, Sherpalo Ventures, and angel investor Neeraj Arora.
Co-founder and CEO Rishi said, "Salaryfits' technology coupled with Wishfin's strong underwriting and operational efficiencies will create a compelling value proposition for the customer."
Wishfin will use SalaryFit's tech to launch innovative lending products by next year.
(Edited by Teja Lele Desai)