SalarySe, an Indian fintech platform offering salary-linked financial services, has raised $11.3 million in its Series A round, led by early-stage global venture firm Flourish Ventures.
According to a media release issued by the firm, the round also saw participation from Susquehanna Asia VC and existing investors Peak XV’s Surge and Pravega Ventures.
SalarySe plans to use fresh funding to expand its product offerings and improve financial access for salaried employees across India. It seeks to reach 100 million salaried employees in India with tools to help them manage their earnings more effectively, the company said.
It claims to have developed its flagship product, Credit-on-UPI, in partnership with major Indian banks, HR platforms, and corporate clients, to offer salary-linked credit access for employees.
“Salaried employees are the backbone of India’s economy, yet they often face limited access to transparent and curated financial solutions,” Piyush Bagaria, co-founder at SalarySe, said in a statement.
“With this round, we are doubling down on our vision to reimagine salary-linked financial products that put employees in control of their finances and their future,” he added.
Post-COVID, many salaried employees in India have faced rising financial stress that traditional products have struggled to address.
SalarySe uses technology and an employer-linked model to provide tailor-made financial wellness solutions, in a bid to help employees manage their finances while enabling companies to offer benefits that appeal to younger workers.
Flourish Ventures, which has a fund size of $850 million, backs entrepreneurs transforming financial systems from the ground up.
Its current investments include unicorns such as Alloy, Flutterwave, Kin, Neon, and Unit, alongside frontier innovators such as Akua, Brico, Crossmint, Fuse, Reserv, Spade, Stitch, Swap, and Vidyut.
