Yenmo Secures $1M to Scale Ethical Lending & Expand Offerings

Ashutosh Purohit, YENMO Co-Founder & CEO

YENMO, a Y Combinator-backed lending platform offering instant loans against mutual funds, has raised Rs 9.2 crore in a funding round led by Y Combinator, with participation from Pioneer Fund, Zaka VC, and global angel investors. The company plans to use the funds to expand its product portfolio, enhance technology, and scale operations.  

YENMO aims to introduce secured lending products, including loans against stocks, and a savings account feature that combines higher interest earnings with liquidity access. The company is also working on streamlining its digital platform to offer a seamless loan application process.  

"Many borrowers face issues like harassment and data misuse. At YENMO, we are building India's first 'Good Loan Company' with ethical lending practices," said Ashutosh Purohit, CEO & Co-founder. "This funding will help us expand our product range and develop a full-fledged lending stack in-house."  

YENMO offers loans against mutual funds at interest rates starting from 10.5%, significantly lower than the 30%+ rates on personal loans. The company is focused on providing customer-centric lending solutions with human-assisted support, aiming to make credit more accessible and transparent.

Source: BW Disrupt