Fintech startup EarlySalary acquires consumer lending platform CashCare and launches Checkout Finance

Pune based tech enabled digital lender & fintech startup Earlysalary has acquired checkout financing startup CashCare. CashCare founder Vikas Shekhari will join EarlySalary as a part of the deal.

Earlysalary, which is lending short-term loans to consumers without any any borrowing history, is planning to expand into the consumer-financing business with this deal. As part of the acquisition, Vikas Sekhri, the CEO of CashCare will be the Head of Strategy at EarlySalary, and Suraj Mundada, the CTO of CashCare will be the Chief Architect.

Earlysalary has introduced a new feature of 'Checkout Finance', with this acquisition, which allows its users to shop now and pay later. With this move EarlySalary will be directly competing with PayU-backed Zest Money.

Elaborating on the announcement, Akshay Mehrotra, Co-Founder & CEO at EarlySalary commented, "We are happy to have CashCare on-board. We see synergies being driven by technology, addressing the financial needs of the millennial audience, and our products complementing each other. With the launch of this new feature 'Checkout Finance', we are aiming to offer our customers the convenience to shop now and pay later. this acquisition marks a great opportunity for us to further our commitment to financially support our customers by deploying our combined offerings for the best possible customer advantage."

Vikas Shekhri, Founder, CashCare Technology commented, "we are delighted to join Earlysalary, whose aim is to disrupt the credit market by minimizing human involvement, which perfectly fits in with our mission. With this synergy, we will be able to further develop our services for the young, working population in our country. Together, we can build a wide-ranging credit solution for online platforms, while making the consumer's experience as easy as swiping a card."

EarlySalary also launched their 'Digital School Fee' feature in partnership with Avanse Financial Services, last month.
Earlysalary raised Rs 100 crore funding in January 2018 from Eight Roads Ventures and existing investors IDG Ventures India and DHFL. Currently, EarlySalary has its presence in 15 cities in India and is disbursing 30,000 loans per month.