NIRA — the digital credit provider and HR’s answer to offering financial assistance to employees in need without going through the awkwardness of getting into their personal and private issues — just closed an important round of seed funding worth a million dollars.
The fintech start-up that ties up with corporates to provide small credit to employees with limited access to traditional avenues of finance, today announced it had received $1 million in seed funding from angel investors in the UK and India. The funds will be used to accelerate the establishment of the core team and acquisition of relevant technology to drive the initial growth of the business.
Co-founded by ex-Goldman Sachs colleagues Rohit Sen and Nupur Gupta, NIRA promotes financial inclusion by helping people gain access to small credit, which is often required by people in emergency situations, and often denied them by banks. Besides, loans in small sizes are more affordable to employees in the corporate world, especially those on the smaller rungs.
It allows employees the freedom to get hassle-free credit without having to approach their superiors with their personal crises and monetary woes.
The Company is focused on providing small loans of upto INR 1 lakh, for upto a year through simple, transparent products that empower individuals to live a life of choice and freedom. Employees of companies that partner with NIRA receive loans at better interest rates than those who approach NIRA directly through its website or mobile app.
“We have been refining our product and strategy over the past few months since we went live. Our focus will now be on executing our strategy and scaling the size and reach of our operations.”
“We are excited to close our seed funding round of $ 1 Million. While we were oversubscribed for this round, we felt this was just the right amount to help us grow our team, our technology and our business.” said Rohit Sen, co-Founder and CEO, NIRA. “We have been refining our product and strategy over the past few months since we went live. Our focus will now be on executing our strategy and scaling the size and reach of our operations.”
Launched in early 2018 by finance professionals Rohit Sen and Nupur Gupta, NIRA harnesses the power of data and technology to reimagine the way finance can be provided to consumers.