India In India, SalarySe, a fintech platform that uses salary as a source of power, announced that it has raised $11.3 million in a Series A round. Flourish Ventures led the investment, with important contributions made by Susquehanna Asia VC and further support by returning investors Surge and Pravega Ventures of Peak XV. This is a significant capital injection aimed at expediting the firm to make fundamental changes in providing financial access to the vast salaried Indian workforce.

Aim and vision of SalarySe

The stated mission of SalarySe to use this new funding is to make vital financial services, including payments, credit, and money management, cheaper, more personalized, convenient, and smoother for this vital sector of the Indian economy.

The fresh capital will help SalarySe to strengthen its vision and address a challenge that is rampant in the financial sector. Through this capital, the company will dedicate itself to multiplying its vision to redefine salary-based financial products. The main idea behind such solutions is to provide employees with greater financial control and their future.

The ultimate goal is to transform SalarySe into the ultimate financial companion of every wage earner in India. This vision aims at integrating financial prosperity in the daily lives of the paid employees by offering solutions inseparably attached to their means of livelihood. 

The co-founder of SalarySe, Piyush Bagaria, said, “Salaried employees are the backbone of India’s economy, yet they often face limited access to transparent and curated financial solutions. With this round, we are doubling down on our vision to reimagine salary-linked financial products that put employees in control of their finances and their future. This funding will further propel SalarySe in its endeavour to evolve as the go-to financial partner for every salaried individual in India.”

The Executive Director and Head of Asia Investments, Flourish Ventures, Ravi Kaushik, said, “SalarySe is addressing a critical gap by linking financial products such as Credit on UPI directly to income, ensuring that salaried employees have access to timely, fair, and responsible credit. We believe that the platform’s approach addresses immediate cash flow needs while laying the foundation for long-term financial well-being. This alignment makes SalarySe a unique player in India’s financial ecosystem.”

Quotations Source: Entrepreneur  

Flagship product and strategic goals

SalarySe will be based on its flagship product, Credit-on-UPI, which is specifically aimed at the demographic of salaried workers. The effectiveness of this solution is established on the basis of strategic and long-term partnerships in the corporate and financial ecosystem.

The company collaborates with leading banks in India, such as giants such as HDFC and RBL, to make sure that its financial solutions are robust and reliable. Besides banking partnerships, SalarySe cooperates with the key HR SaaS services and several leading corporate clients across the world.

This innovative, employer-based model has produced a great deal of success with the solutions of the company registering significant traction in the market. Over 100 multinational corporations, GCC (Gulf Cooperation Council), and Indian corporations have embraced its services. This impressive list of clients consists of multi-billion-dollar international logos in a wide variety of large industries, such as IT, Healthcare, BFSI (Banking, Financial Services, and Insurance), and manufacturing. This penetration is a testament to the platform’s success in fulfilling the category of high demand by large organizations of reliable, salary-powered financial management tools.

SalarySe intends to achieve an ambitious growth strategy through substantial expansion in three years due to the secured Series A funding. This plan is centered on three main pillars, which are scaling the operations, enhancing the underlying technology, and increasing the distribution network within the country.

The strategic objectives of the company are challenging, with a reach of over 1000 corporates and a vision to have over 20 million employees as users within three years. With the effective implementation of these initiatives, SalarySe is aiming to establish its presence in the market and attain its end vision of becoming the preferred salary-powered fintech platform in India.

The Investment Advisor at Susquehanna Asia VC, Bhavanipratap Rana, said, “Products like credit-card-on-UPI are reshaping how consumers engage with financial products in India, in a digital-first, high-frequency manner. The opportunity to help salaried Indians improve financial management right from the source, with support from employers, is one that we believe is massive. We’re excited to support SalarySe in this journey.”

Quotation Source: Entrepreneur  

Conclusion

The $11.3 million Series A round, led by Flourish Ventures, marks a turning point in the history of SalarySe, as it offers the financial incentive to pursue its mission of making financial access more accessible. With its flagship Credit-on-UPI product and its pioneering employer-linked model, the company is better placed than any other to recreate credit and money management among India’s salaried population. With its objective of reaching millions of workers and thousands of companies, SalarySe will make a critical contribution to the development of the digital credit ecosystem of the pillars of the Indian economy.