Fintech startup SuperMoney recently announced that is has raised $1mn from early-stage investor Unitus Ventures in a pre-Series A funding round. SuperMoney was founded in 2017 by Shiv Nandan and Nikhil Banerjee from Mumbai.
The company plans to utilize these funds to strengthen its team across technology, business development, and backend operations. The company also plans to expand its geographical presence beyond the 12 cities where it currently operates.
Co-Founder of SuperMoney Nikhil Banerjee said, “The blue-collar consumer and the emerging gig-economy segments are today not serviced by traditional banks and NBFCs and this is the $100bn market opportunity that we are tapping into. We aim to service 1 Mn customers in the next 24 months.”
SuperMoney offers financial solutions to the gig economy and blue-collar workforce offering them a suite of financial products focused on customized credit, savings and insurance solutions. SuperMoney’s typical customers include cab drivers, delivery personnel, shop floor workers and other blue-collar staff employed by corporations.
The company claims to have 300k registered customers on its platform and has facilitated disbursement of over 55k loans so far. It has a partnership with tech and gig-economy platforms including Uber, Swiggy, Shuttl, Udaan, and MedPlus. It currently operates in Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai, and Kolkata among other cities.
Talking about the investment, Srikrishna Ramamoorthy a partner at Unitus Ventures said, “SuperMoney’s enterprise-led approach makes their ability to acquire and service customers more efficient 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.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.