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Yenmo Raises $500K Led by Y Combinator for Loans Against Mutual Funds

Yenmo, an Indian fintech platform, secures $500,000 in seed funding led by Y Combinator. The platform offers instant loans against mutual fund invest
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Yenmo Raises $500K Led by Y Combinator for Loans Against Mutual Funds

Yenmo Raises $500K Led by Y Combinator for Loans Against Mutual Funds - InvestNagar


Know the Story:

Yenmo, an Indian fintech platform, secures $500,000 in seed funding led by Y Combinator. The platform offers instant loans against mutual fund investments, providing a revolutionary solution for Indian consumers seeking funds without liquidating their investments. Founded by Ashutosh Purohit and Aryan Agarwal, Yenmo enables users to borrow against mutual funds at a competitive interest rate of 10.5%. Notably, it requires no credit score check, using mutual funds as collateral. Yenmo aims to democratize lending options, allowing users to pay only interest during the loan tenure, preserving their long-term investments while accessing immediate funds.

Key Points:

  • Yenmo secures $500,000 in seed funding led by Y Combinator for loans against mutual funds.
  • Founded by Ashutosh Purohit and Aryan Agarwal, Yenmo enables borrowing against mutual funds at a 10.5% interest rate.
  • No credit score check is required; mutual funds serve as collateral for loans.
  • Yenmo aims to democratize lending options, catering to diverse financial needs.
  • Expansion plans include lending against stocks, insurance, digital gold, and land.
  • CEO Ashutosh Purohit highlights the issue of retail investors liquidating mutual funds for short-term needs.
  • Yenmo offers a smarter alternative, allowing investments to grow while providing access to immediate funds.
  • The funding round will support Yenmo's mission to introduce innovative lending products for Indian consumers.

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