SalarySe Secures $5.25 Million to Empower Salaried Workers with Credit-on-UPI Financial Management

SalarySe, a financial management app, is set to revolutionize the financial landscape for salaried employees in India with a recent funding injection of $5.25 million. The seed funding, led by Surge, Peak XV’s rapid scale-up program, and Pravega Ventures, aims to propel SalarySe in enhancing its technology stack for Credit-on-UPI.

In a country where less than 4% of the population has access to credit cards, SalarySe recognizes the need to bridge this gap. India’s revolving credit market lags significantly behind other major economies, with only a fraction of the population enjoying this financial flexibility. In contrast, countries like the USA and China boast revolving credit penetration rates exceeding 70% and 40%, respectively.

SalarySe’s mission is to empower over 100 million salaried employees in India by enabling them to spend, save, invest, and plan their salaries wisely, thereby alleviating financial stress. The upcoming launch of the Credit-on-UPI system for salaried employees is anticipated to be a game-changer. The company is actively collaborating with banks, HR SaaS platforms, and employers for a seamless launch in the coming months.

Piyush Bagaria, co-founder at SalarySe, emphasized the potential of UPI in expanding credit access for the middle class. He stated, “UPI has seen unprecedented acceptance amongst both merchants and retail consumers across India, which makes it the right technology platform to deepen credit penetration for the middle class.” SalarySe’s innovative approach aims to empower millions with financial freedom and security.