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Businesswire
EarlySalary Completes First Loan Assignment Transaction Worth USD1 Million
March 2, 2019
Business Wire India
EarlySalary, India’s largest consumer lending application is now the first consumer fintech lender to complete a loan assignment transaction worth $1 million. This is in addition to NCD issuance of $2 million recently. The transactions have been structured and executed by Northern Arc Capital; an NBFC that partners with promising entities in India’s emerging sectors to provides them access to credit.
A loan assignment is a standard form of assignment under which a lender assigns its rights relating to a loan agreement to a new lender. Northern Arc Capital through its in-depth understanding of the fintech space and the customized requirements of investors, executed the transaction providing an efficient funding solution to EarlySalary.
Ashish Goyal, Co – Founder and CFO of EarlySalary elaborated, “The last few months have been challenging for NBFCs and with the evolving liquidity situation, we wanted to expand our liability profile, wherein we explored the opportunity of innovative products like loan assignments and securitisation. We have also done an NCD issuance of $2 million recently. We continue to look at all options to ensure that we have sufficient liquidity to expand our offerings to the customers. This transaction marks our journey to deepen the liability side of the business and we expect to do many more transactions in the near future.”
Dr Kshama Fernandes, the CEO of Northern Arc added, “This transaction, set against the backdrop of a volatile market, is another proof of investors’ confidence in the quality of our partners and the stringent underwriting process of Northern Arc. Our modus operandi has been to start working with high potential entities when they are small to play an integral part in their growth story and our partnership with Early Salary exemplifies that.”
Akshay Mehrotra and Ashish Goyal founded the mobile first application, which turns three years on 22 February 2019. It has a presence in 17 cities around the country, has been downloaded over 9 million times and has disbursed more than 500,000 loans worth over INR 850 crores.
Both Akshay Mehrotra and Ashish Goyal are veterans in the financial space. Ashish has a deep understanding of the financial markets and ensures that EarlySalary’s liability profile is diverse and deep. He has over 18 years of experience and managed an AUM of approximately $7 billion in his previous role.
Source: Businesswire
EarlySalary, India’s largest consumer lending application is now the first consumer fintech lender to complete a loan assignment transaction worth $1 million. This is in addition to NCD issuance of $2 million recently. The transactions have been structured and executed by Northern Arc Capital; an NBFC that partners with promising entities in India’s emerging sectors to provides them access to credit.
A loan assignment is a standard form of assignment under which a lender assigns its rights relating to a loan agreement to a new lender. Northern Arc Capital through its in-depth understanding of the fintech space and the customized requirements of investors, executed the transaction providing an efficient funding solution to EarlySalary.
Ashish Goyal, Co – Founder and CFO of EarlySalary elaborated, “The last few months have been challenging for NBFCs and with the evolving liquidity situation, we wanted to expand our liability profile, wherein we explored the opportunity of innovative products like loan assignments and securitisation. We have also done an NCD issuance of $2 million recently. We continue to look at all options to ensure that we have sufficient liquidity to expand our offerings to the customers. This transaction marks our journey to deepen the liability side of the business and we expect to do many more transactions in the near future.”
Dr Kshama Fernandes, the CEO of Northern Arc added, “This transaction, set against the backdrop of a volatile market, is another proof of investors’ confidence in the quality of our partners and the stringent underwriting process of Northern Arc. Our modus operandi has been to start working with high potential entities when they are small to play an integral part in their growth story and our partnership with Early Salary exemplifies that.”
Akshay Mehrotra and Ashish Goyal founded the mobile first application, which turns three years on 22 February 2019. It has a presence in 17 cities around the country, has been downloaded over 9 million times and has disbursed more than 500,000 loans worth over INR 850 crores.
Both Akshay Mehrotra and Ashish Goyal are veterans in the financial space. Ashish has a deep understanding of the financial markets and ensures that EarlySalary’s liability profile is diverse and deep. He has over 18 years of experience and managed an AUM of approximately $7 billion in his previous role.
Source: Businesswire
