Funding Alert

Mutual Fund Loan Platform Yenmo Secures $500K Funding Led by Y Combinator

• ByStartupStory     |    March 22, 2024

Yenmo, a burgeoning fintech platform revolutionizing the lending landscape, announced its successful closure of a seed funding round, securing an impressive $500,000. This funding round was spearheaded by none other than the renowned US-based startup accelerator, Y Combinator.

Yenmo, founded by Aryan Agarwal and Ashutosh Purohit, stands out in the fintech realm by offering instant loans against mutual funds, thereby providing a convenient financial solution to its users. The platform operates on a simple premise, allowing investors to leverage their investments with a flat 10.5% interest rate.

One of the key features distinguishing Yenmo is its user-friendly interface, empowering investors to track their investments in real-time, handpick the assets they wish to borrow against, and seamlessly receive funds directly into their bank accounts. Moreover, the platform offers a flexible repayment structure, enabling users to pay only the interest during the loan tenure and settle the principal amount at their convenience.

In an innovative approach, Yenmo refrains from conducting credit-score checks, instead basing loan approvals solely on users’ mutual fund investments, thereby fostering financial inclusivity.

In a statement reflecting the company’s vision, Ashutosh Purohit, the CEO, and cofounder of Yenmo expressed, “We aim to bring in a suite of lending options that were only accessible to high net worth individuals previously, now to every Indian consumer.”

Furthermore, Yenmo’s expansion plans include the introduction of additional products such as loans against stocks, insurance, digital gold, and land, thereby broadening its portfolio and catering to diverse financial needs.

Additionally, the platform offers a comprehensive full-stack API solution, enabling seamless integration of loans against mutual funds into other companies’ products, further amplifying its reach and impact in the fintech ecosystem.

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