Fintech platform SuperMoney has raised $1 million (Rs7 crore) from early-stage investor Unitus Ventures.
Unitus Ventures said that the startup plans to use the capital to strengthen its team across technology, business development and back-end operations and to expand operations beyond the 12 cities it is present in now.
Mumbai-based SuperMoney was founded by private equity and risk management professionals Shiv Nandan Negi and Nikhil Banerjee and commenced operations in January 2018. The company offers gig economy and blue-collar workers a suite of financial products focused on customised credit, savings and insurance solutions. SuperMoney’s customers include cab drivers, delivery personnel, shop floor workers and other blue collar staff employed by corporations.
Banerjee, co-founder of SuperMoney, said in a statement, “The blue-collar consumer and the emerging gig-economy segments are today not serviced by traditional banks and NBFCs (non-banking financial companies) and this is the $100 billion market opportunity that we are tapping into."
SuperMoney has 300,000 customer registrations on the platform and has facilitated disbursement of over 55,000 loans, the statement added. At present, SuperMoney offers loans with an average ticket size of Rs10,000 for a tenure of 2-3 months.
The startup has partnered with companies including Uber, Swiggy, Shuttl, Udaan and MedPlus, to extend its suite of products. “We aim to service one million customers in the next 24 months," Banerjee said.
“SuperMoney’s enterprise-led approach makes their ability to acquire and service customers more efficient 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," said Srikrishna Ramamoorthy, Partner at Unitus Ventures.
SuperMoney is operational in Mumbai, Delhi NCR, Bangalore, Hyderabad, Chennai, 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.