Everything does not go as planned in this world of uncertainties. There are occasions when we need money right away because of an emergency. This is when a digital loan market can help. With the digital lending market in India expected to expand to $350 billion by 2023, several firms are springing up to meet the need. Being there in the industry since 2015, EarlySalary is one of the largest consumer lenders for young professionals across the country. This could be in the form of a salary advance, personal loan, hospitalization payment or any emergency needs. Till date, the firm has given more than 3 million loans and has done close to Rs. 7,000 crores disbursement on the platform. The app has more than 12 million downloads and it resulted in 3 million rooms digit.

Powerful underwriting engines
While traditional banks take days to underwrite and give credit, EarlySalary uses a proprietary AI/MLbased algorithm to underwrite and disburse money in just a few seconds. Almost 95% of the customers who apply for a loan from EarlySalary are decisioned without any human intervention. They have democratized speed to get credit in a far simpler manner. They also have access to multiple touch points of the customer, so that they can use cash for various needs and places. From just providing credit, they are evolving to become an affordability partner to improve the consumers’ life. Speed, extreme transparency, no other additional charges, and being able to work with merchants, as an enabler to their sales are some of the advantages they cater with.

Creating affordability for the mid-income group
Some of EarlySalary's services are the HR

tech which they have advanced partnerships with 800 corporates. Also, they lend their tech to power need of affordability. They are also an affordability provider in hospitals and insurance providers. They also offer consumer credit, where consumers can buy a product on the internet on EMI.

EarlySalary is building very large partnerships by having started with the large acquiring technique of working with their partners

“We have three solid leadership teams in machine learning and automation, risk management and business, and customer acquisition. Then the founders bring in two capabilities in the macro risk expertise and portfolio management services, which is needed in the lending atmosphere”, says Akshay Mehrotra, Co-Founder & CEO of EarlySalary, responded to the question on the leadership team. He also added “We are the largest FinTech with more than 21% market share. We are able to recover 99.3% of any money that we lend”. In last 18 months, they have grown six times as an organization and have grown from a $120 million balance sheet to a $170 million balance sheet now. Their monthly run rate has increased by almost five times. They are now going upwards of Rs. 400 crores a month as a company.


Constant Growth and Path Ahead
EarlySalary is building very large partnerships by having started with the large acquiring technique of working with their partners. They plan to have at least 1,000 active partners across the country, which can help them grow fast and aid in onboarding 100,000 new customers a month immediately for the next 12 months. When asked about the future goal, the CEO stated that “We have defined our goal post as an18-month target and a four-year target. The 18-month target is to have a million active paying customers or active loans at any given time. And our long tenure target is to have an AUM of $2 billion.”

They are also working on the improvement of their app and the type of products they cater to customers. In addition, they are opening geographies and markets. They have grown from an 18-city network to now 130 city network. They intend to expand in tier two and tier three cities also, which allows them to cater to the next customer segment.