Fintech Startup Cashcow Raises Seed Funding

Fintech Startup Cashcow Raises Seed Funding

Cashcow will direct the investments towards strengthening its distribution network and technology. For the funding deal, Cashcow was assisted by Enablers-a fundraising platform for start-ups. Cashcow currently has partnerships with more than 60 financial institutions including banks, NBFCs, and new-age fintech lenders such as HDFC and ICICI, among others.

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Fintech startup forayed into consumer and business financing in India – Cashcow has raised a seed funding round led by Astarc & Valpro with the participation of The Indian School of Management and Entrepreneurship (ISME) along with few HNIs. Cashcow will direct the investments towards strengthening its distribution network and technology. For the funding deal, Cashcow was assisted by Enablers-a fundraising platform for start-ups.

Cashcow currently has partnerships with more than 60 financial institutions including banks, NBFCs, and new-age fintech lenders such as HDFC and ICICI, among others. It has a presence in 40+ cities, and has disbursed loans of more than $71.02 Mn (INR 500 Cr) and over 75K credit cards so far. The company aims to become the largest distributor of financial products over the next three years with a target to reach $1 Millon monthly revenue and more than 100 lenders in the next two quarters. Cashcow is aggressively working towards entering SEA and Middle East regions by end of this year.

Further elaborating on the intended use of the capital raised, Gaurav Goyal, Co-founder, Cashcow said, “Cashcow is an uberised model for India’s credit-starved economy. Our focus has been on individual credit products till now. However, with the seed funding coming through we will be soon launching SME lending products as well to strengthen our product portfolio. We are consistently disrupting newer tech avenues to take customer experience to new heights. We are delighted to have Astarc, Valpro, and ISME as our partners in the growth journey, and are excited to leverage their global perspective and experience.”

Commenting on the investment, Salil Musale, Managing Director of Astarc Ventures, said “India is a credit-starved economy and a platform like Cashcow helps improve the penetration of financial products. Also, its uberised model helps increase efficiency and provides a lot more people with the opportunity to earn. We think Cashcow as the social commerce of the BFSI industry.”

Through its wider agent’s network, Cashcow also aims to take the financial inclusion wave to the majority of rural, semi-urban and satellite places of the country. Cashcow’s business model is also building a pan India network of entrepreneurs and enabling thousands of job opportunities in the country.

The startup offers a wide array of financial products such as home loans, mortgage loans, personal loans, and credit cards to consumers at their doorstep. It also provides a tech platform to existing and upcoming direct selling agents’ networks.

Cashcow is an uberised model for India’s credit-starved economy. Cashcow aims to become the social commerce of the BFSI industry. Cashcow is providing banking services and products to a customer at his doorstep. The company has expanded its operations to over 40 cities in the country. Customers looking for a banking product end up talking to multiple banks and get confused. Cashcow provided the solution to this problem by providing on-ground advisors. Just like booking a cab from an app, consumers can book certified advisors in their locality. The advisor then comes to the consumer’s doorstep to advise him. Individuals can also enroll themselves as advisors through the app and become distribution points or lead generators for the firm.

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