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Yenmo raises Rs 9.2 Cr led by Y Combinator

EntrackrEntrackr · 5m ago
Yenmo raises Rs 9.2 Cr led by Y Combinator
Medial

Yenmo, which provides instant loans against mutual funds, has raised Rs 9.2 crore in a funding round led by Y Combinator, with participation from Pioneer Fund, Zaka VC, and other angel investors. The proceeds will be utilized to expand product offerings, enhance technology, drive market growth, and strengthen operational scale and the team, Yenmo said in a press release. Co-founded in 2022 by Ashutosh Purohit and Aryan Agarwal, Yenmo is dedicated to providing the best credit products in India. Starting with loans against mutual funds, it is expanding into secured credit products over stocks, insurance, and digital assets. Customers can access loans digitally through the Yenmo app, available on Android and iOS. The Bengaluru-based startup aims to make loans a tool for empowerment. As the company adds new products, its commitment to ethical practices will remain at the forefront of its design and delivery. Yenmo is addressing gaps in the lending industry by offering loans against mutual funds with interest rates as low as 10.5%, significantly lower than the 30%+ charged on personal loans. The platform designs solutions based on customer feedback to eliminate pain points, supported by real human assistance rather than automated bots. Yenmo plans to introduce new secured lending products, including loans against stocks and other financial instruments. It also offers a savings account feature that combines higher interest earnings with liquidity access. The company has built and refined its digital platform to provide a seamless 10-minute loan application process, ensuring security and efficiency.

Sequoia and Greylock lead $50 Mn round in Aspora

EntrackrEntrackr · 1m ago
Sequoia and Greylock lead $50 Mn round in Aspora
Medial

Aspora, a cross-border financial technology company formerly known as Vance, has raised $50 million in a Series B funding round co-led by Sequoia and Greylock. The round saw participation from Hummingbird, Quantum Light Ventures, and Y Combinator. According to Aspora, it has raised over $99 million in funding to date, and the current round values the company at $500 million. Aspora is a global fintech firm focused on cross-border money transfers for non-resident Indians (NRIs). The platform provides remittance services with Google exchange rates. It enables transfers from five countries, including the UK, UAE, and Germany, and claims to have processed over $2 billion, saving users more than Rs 150 crore ($17.5 million) in foreign exchange fees. According to Aspora, it is regulated by the Financial Conduct Authority (FCA) in the UK and works with banks governed by the Reserve Bank of India (RBI). Founded in 2022 by Parth Garg, Aspora was part of Y Combinator’s Winter 2022 batch and recently underwent a rebranding exercise. The company raised $5.8 million in its seed round led by Hummingbird Ventures with participation from Global Founders Capital, Y Combinator, Soma Capital and angels such as Alan Rutledge and Gokul Rajaram.

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