Yenmo Highlights:
- Provides instant loan against mutual funds in less than five minutes
- Interest rate of fixed 10.5% p.a, significantly lower than alternatives like personal loans (18% p.a) and credit cards (40% p.a)
- Flexible repayment options: Pay only the interest monthly, avoiding high EMI outflows. Repay anytime without penalties
- The platform enables investors to retain ownership of their funds, ensuring continued capital growth while accessing much-needed liquidity
Gurgaon, 22nd March 2024: Yenmo, a platform providing instant loan against mutual funds, is thrilled to announce the successful completion of its latest funding round, securing $500,000 in investment from a leading US-based venture capital firm and renowned startup accelerator Y Combinator.
The funding from Y Combinator marks a pivotal moment in Yenmo’s journey to revolutionize lending practices and drive financial inclusion in India.
Yenmo empowers Indian investors to borrow against their investments (such as Mutual Funds and stocks) at a flat 10.5% interest rate, all in less than 5 minutes. Developed in collaboration with leading financial institutions and government agencies, Yenmo is revolutionizing how investors access liquidity. With Yenmo, 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. This allows their investments to continue growing for the long term while fulfilling immediate financial needs effortlessly. The most striking feature is the flexibility in terms of repayment options- pay only the interest monthly, avoiding high EMI outflows and repay anytime without penalties.
“We are excited to have Y combinator join us as we embark on a journey of providing instant and affordable loans against investments to Indian customers”, said Ashutosh Purohit, CEO & Co-founder, Yenmo. We aim to bring in a suite of lending options that were only accessible to high net worth individuals previously, now to every Indian consumer.
He further said, “it bothers me to see $30bn being redeemed every year from equity mutual funds, by retail investors to fulfil their short term needs. With Yenmo, they will no longer have to sell their mutual funds, instead taking a loan on it is a much better way to keep the investments intact which will help your money grow in the long term while providing access to funds for immediate requirements. The growth in their funds will not only cover their investments, but would also end up making them more money.”
Yenmo offers a full-stack API solution for other companies to integrate loan against mutual funds into their products. It further plans to launch new products like loans against stocks, insurance, digital gold, and land.
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