Fintech platform SuperMoney has raised $1 million (Rs 7 crore) from early-stage investor Unitus Ventures. The startup plans to utilize the capital to strengthen its team across technology, business development and back-end operations besides expanding operations beyond the 12 cities it is currently operational in.
Mumbai-based SuperMoney was founded by private equity and risk management professionals Shiv Nandan Negi and Nikhil Banerjee and began operations in January 2018. The company caters to gig economy and blue-collar workers offering them a suite of financial products focused towards 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.
Nikhil Banerjee, Co-founder, SuperMoney, said, “The blue-collar consumer and the emerging gig-economy segments are today not serviced by traditional banks and NBFCs, and this is the $100 billion market opportunity that we are tapping into.”
The fintech platform is built on a B2B2C model where it accesses customers by partnering with enterprises that have large pools of blue-collar workers, contract employees or service providers. SuperMoney offers micro-credit and micro savings solutions structured to fit the nuances of each job function/use case in the respective sectors.
“We understand our customer demography and their needs before designing a financial product that is relevant to their problem. Banks, on the other hand, offer a one size fits all solution,” added Shiv Nandan Negi, Co-founder, SuperMoney.
With 300,000 customer registrations on the platform, SuperMoney has facilitated disbursement of over 55,000 loans to date. The startup partners with leading tech and gig economy platforms including Uber, Swiggy, Shuttl, Udaan and MedPlus among others to extend its suite of products.
SuperMoney is operational in Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai, and Kolkata among other cities. In October 2017, the startup raised an angel round of investment from investors including Shachindra Nath, Chairman of Ugro Capital and Madhukar Gangadi, founder of MedPlus.
Srikrishna Ramamoorthy, Partner at Unitus Ventures, stated, “SuperMoney’s enterprise-led approach makes their ability to acquire and service customers more efficiently 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.”
“We aim to service 1 million customers in the next 24 months,” said Banerjee.
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