In a funding round headed by Y Combinator and including Pioneer Fund, Zaka VC, and other angel investors, Yenmo, a company that offers quick loans secured by mutual funds, has raised Rs 9.2 crore.
According to a press release from Yenmo, the money raised will be used to improve technology, increase market share, broaden product offerings, and fortify the team and operational scale.
Ashutosh Purohit and Aryan Agarwal co-founded Yenmo in 2022 with the goal of offering the greatest credit products available in India. It began with loans secured by mutual funds and is now branching out into secured credit products for digital assets, stocks, and insurance. Customers can use the Yenmo app, which is available on iOS and Android, to access loans digitally.
The startup from Bengaluru wants to use loans as a means of empowering people. The company’s dedication to moral behavior will continue to guide both its design and delivery as it introduces new products.
By providing loans secured by mutual funds with interest rates as low as 10.5%—much lower than the 30%+ charged on personal loans—Yenmo is filling gaps in the lending market. With the help of actual human support rather than automated bots, the platform creates solutions based on user feedback to remove pain points.
New secured lending products, such as loans secured by stocks and other financial instruments, will be offered by Yenmo. Additionally, it provides a savings account feature that combines access to liquidity with increased interest earnings. The business has developed and improved its online platform to offer a quick and easy 10-minute loan application process while guaranteeing efficiency and security.
