Mumbai-based fintech platform SuperMoney has raised $1 million (Rs 7 crore) in pre-Series A round of funding from early-stage investor Unitus Ventures.
Nikhil Banerjee, Co-founder, SuperMoney, said,
“The blue-collar consumer and the emerging gig-economy segments are today not serviced by traditional banks and NBFCs, and this is the $100 billion market opportunity that we are tapping into.”
The startup plans to utilise the funds to strengthen its team across technology, business development, and back-end operations besides expanding operations beyond the 12 cities it is currently operational in.
Started in January 2018 by private equity and risk management professionals Shiv Nandan Negi and Nikhil Banerjee, SuperMoney caters to gig economy and blue-collar workers offering them a suite of financial products focused towards customised credit, savings, and insurance solutions. The startup’s typical customers include cab drivers, delivery personnel, shop floor workers, and other blue collar staff employed by corporations.
The fintech platform is built on a B2B2C model where it accesses customers by partnering with enterprises that have large pools of blue-collar workers, contract employees or service providers. SuperMoney offers micro-credit and micro savings solutions structured to fit the nuances of each job function/use case in the respective sectors.
With 300,000 customer registrations on the platform, SuperMoney has facilitated disbursement of over 55,000 loans to date. The startup partners with leading tech and gig economy platforms including Uber, Swiggy, Shuttl, Udaan, and MedPlus among others to extend its suite of products.
“We aim to service 1 million customers in the next 24 months,” said Banerjee.
Supermoney offers loans with an average ticket size of Rs 10,000 presently for a tenure of two to three months.
“We understand our customer demography and their needs before designing a financial product that is relevant to their problem. Banks, on the other hand, offer a one size fits all solution,” added Shiv Nandan Negi, Co-founder, SuperMoney.
SuperMoney is operational in Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai, and Kolkata among other cities. In October 2017, the startup raised an angel round of investment from investors including Shachindra Nath, Chairman of Ugro Capital and Madhukar Gangadi, founder of MedPlus.
According to the startup, India has 200 million households without formal access to credit and minimal penetration of insurance and savings solutions. SuperMoney said it bridges the gap between formal credit access and the underserved customer with its unique approach.
Srikrishna Ramamoorthy, Partner at Unitus Ventures, stated,
“SuperMoney’s enterprise-led approach makes their ability to acquire and service customers more efficiently and not just underwrite but also navigate credit cycles better. They are going beyond just credit and offer a suite of financial products that makes them attractive to customers and their employees.”
(Edited by Megha Reddy)
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