visimoney
TLDR:
Yenmo, an instant loan provider in India, raised $500,000 from Y Combinator to offer loans against mutual funds and stocks at a flat interest rate. The CEO plans to introduce lending options for all Indian consumers and enhance the platform with a full-stack API solution.
Full Article:
Yenmo, a FinTech startup, secured $500,000 from Y Combinator to provide instant loans against mutual funds, offering a flat interest rate of 10.5%. Users can view investments in real-time, choose assets to leverage, and receive funds quickly. CEO Ashutosh Purohit aims to expand lending options for all Indian consumers, including loans against stocks, insurance, digital gold, and land. Purohit emphasizes borrowing against mutual funds is a smart strategy to preserve and grow investments, allowing investors to meet immediate financial needs without disrupting long-term growth.
Additionally, Yenmo is developing a full-stack API solution to integrate loans against mutual funds into other products, expanding its impact in the financial technology landscape. Purohit envisions introducing a suite of lending options previously available only to high-net-worth individuals to every Indian consumer. This funding round is expected to support Yenmo’s plans to broaden its product offerings and enhance the platform’s capabilities.
