Salaryfits, a Fintech / HRTech company, based in 7 different countries from Brazil to India, has raised USD 5 Million from the Brazilian VC Fund Confrapar. The investment aims to increase its presence in India and expansion in other key global markets spread across Latin America, Europe and Asia.
SalaryFits brings forward a solution that has been recognized, and for the past 3 years in India, in the Fintech/HRTech fraternity as one of the most innovative and sustainable solutions for promoting Financial Inclusion and Wellbeing of employees in the workplace. With 20 years of expertise in Brazilian market, attaining a market share of 85% and having operational control over USD 20 Billion, SalaryFits promotes an effective channel inside the HR ecosystem where employees can afford better financial benefits, at no cost to the company and minimal efforts.
As per recently concluded survey, 56% of employees admit financial anxiety is impacting their jobs and, on average, are spending over 13 hours monthly worrying about their personal finances.
In India, there is a huge number of underbanked population and a growing, digital-savvy, youth generation entering the financial markets, who are categorized as “new to credit” (NTC). These individuals are being completely neglected by big banks that are using inaccurate risk assessment tools coupled with high levels of bureaucracy as per the current financial system. The company’s cloud-based platform is able to create a digital-bridge between financial institutions and employees making possible a seamlessly interaction between each other.
“SalaryFits brings a successful model that promotes financial inclusion and fairer access to financial products. Financial benefits and empowerment of employees’ through financial well-being solutions is still at a very nascent stages in India, and we are happy to bring forward our thought leadership in the country. We recently entered into a strategic partnership with a leading HRTech player, to bring our technology and concept to over 1 million employees.”, says Guilherme Mota, Head of Operations at SalaryFits India.
This uniqueness has been translated into growth. SalaryFits recently entered into new partnerships for continued expansion in 2020. Guilherme Mota says the company has also recently partnered with WishFin, a leading credit marketplace that will use SalaryFits technology to launch innovative lending products from next year. Commenting on the partnership, Rishi Mehra, Wishfin CEO, says, “SalaryFits technology coupled with Wishfin’s strong underwriting and operational efficiencies will create a compelling value proposition for the customer”. SalaryFits is also in final negotiations and conducting tests with one of India’s largest private banks “The financial market is convinced of the benefits and credibility of our platform and concept. All these partnerships, and our efforts educating the market about sustainable financial products, will significantly scale our operations in the country.“, Mota concludes.