In another example of close proximity between India-Singapore business relations, an India-based online lending platform, PayMe India has raised USD2 million (SGD2.65 million) from Singapore-based angel investors.
The investment round included the line of credit from multiple non-banking financial companies (NBFCs) and fresh cash in the equity round.
PayMe India offers short term lending as well as long term funding support to corporate employees. It claims to offer loans at reasonable rates of interest and approve loans within minutes.
The fintech company uses both traditional as well as modern lending technique and integrate technology to access the profile of the customers. The company presently has 43,700 customers.
PayMe India was founded in 2016 by Mahesh Shukla, former financial analyst at Barclays and Sandeep Singh, former executive at Genpact.
“We have the right blend of business and technical expertise and we are self-sufficient in meeting the demands of the business which is growing by leaps and bounds. Our operational procedure is very much technical-intensive and where hybrid technology plays the key role to build our mobile app; the one single app supports Android as well as iOS listings,” said Mahesh Shukla.
“India is on the verge of a financial revolution and I am very excited to be a part of PayMe’s journey towards financial inclusion and independence for millions of unbanked professionals. Mahesh and his team have leveraged technology creating a platform aptly suited for the GenX professionals,” said Rishi Bhasin, Associate Director at Darashaw and Company, and an active angel investor in the funding of PayMe.