Salaryfits, A London based fintech and HRtech company has raised $5 million from Brazilian VC fund Confrapar for its expansion in India. The company already has its presence in Europe, Latin America and Asia. The start-up has also joined hands with an unnamed HRtech start-up along with fintech start-up Wishfin in India.
While discussing about its expansion plans in India Salaryfits’ Head of Operations in India Guilherme Mota reportedly declared that it has also formed a strategic partnership with Gurugram based HRTech player for bringing its technology and concept to more than a million of employees. Simultaneously Wishfin will be utilising Salaryfits technology to toll out innovative lending products from 2020.
Salaryfits which entered the Indian market three years ago has planned for its expansion in India because of the large unbanked population in India. Besides this India also has a growing number of “new to credit” (NTC) customers, who are young workers and digitally savvy entering the financial market. Salaryfits was founded by Renato Araujo in 2015.
Mota reportedly added that Salary-fits can get a successful model which promotes financial inclusion and easy access to financial products. He believes that empowerment o employees and financial benefits is still at a very nascent stage in India and he added that he is delighted to bring forward their thought leadership in India.
A grant of $1.3 Mn (EUR 1.25 Mn) was received by Salaryfits in 2016 from Portugal2020. The core audiences of Salaryfits are individuals who have just entered the financial market, those who have been ignored by major banks that are dependent on “inaccurate” risk management tools till now along with high levels of bureaucracy in the financial system. The company however claims that it will be able to bridge the gap between the financial institutions and these salaried individuals.
As far as India is concerned, Salaryfits is competing with start-ups like Quodeck, Talent Litmus, Vyre, Hush and others in the HRtech market.
Gamification for job assessment is not merely a craze. As suggested by PwC CEO Survey report 2018, more than 91% of business leaders believe that behavioural skills and technical skills are equally important. The assessment services market within HRtech is expected to cross $750 Mn by 2021 in India, states Research and Markets report, May 2018.