TLDR:
- Yenmo, a fintech startup, secures $500,000 in funding round led by Y Combinator.
- Users can borrow against their investments at a flat 10.5% interest rate.
Fintech platform Yenmo has secured $500,000 in a seed funding round led by US-based startup accelerator Y Combinator. Founded by Aryan Agarwal and Ashutosh Purohit, Yenmo enables its users to borrow against their investments at a flat 10.5% interest rate. Investors can view all their investments in real time, select the assets they wish to borrow against, and receive funds directly into their bank accounts. Users can pay only interest during the tenure of the loan, and can pay back the principal amount whenever funds become available. Yenmo does not do a credit-score check and provides loans based on users’ mutual fund investments.
The platform offers a full-stack API solution for other companies to integrate loans against mutual funds into their products. Yenmo also plans to launch new products like loans against stocks, insurance, digital gold, and land, aiming to bring a suite of lending options accessible to every Indian consumer. By providing access to funds for immediate requirements while keeping investments intact, Yenmo seeks to help users’ money grow in the long term.
