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