SalarySe Secures $11.3 Million Series A Funding to Expand Salary-Linked Financial Services

Gurugram-based fintech platform SalarySe has successfully raised $11.3 million (around Rs 94 crore) in its Series A funding round. The investment was spearheaded by Flourish Ventures, with significant participation from Susquehanna Asia VC (SIG Venture Capital) and continued support from existing investors Peak XV Partners’ Surge and Pravega Ventures. The capital infusion will be directed towards scaling SalarySe's salary-powered financial services and enhancing its technological infrastructure.

Founded in 2023, SalarySe collaborates with major Indian banks like HDFC Bank and RBL Bank to offer innovative Credit-on-UPI products tailored for salaried individuals. The platform integrates with HR SaaS providers and large enterprises, embedding financial products such as salary advances, payment solutions, and credit management tools directly into the employee workflow.

SalarySe plans an ambitious expansion, aiming to grow its enterprise client base from 100 to over 1,000 within the next two years, projecting to cover approximately 20 million employees, a substantial increase from its current 1.5 million users. The startup has already gained traction with over 100 multinational corporations and global capability centers across various sectors, reporting an annualized gross merchandise value (GMV) of Rs 600-700 crore.

**Impact** This funding round injects significant capital into SalarySe, enabling it to scale its operations and technology. This expansion is expected to increase competition in the Indian fintech space, particularly for salary-linked financial products, potentially leading to more innovative solutions and better access to credit for salaried employees. Investor confidence shown by Flourish Ventures and others signals a positive outlook for the fintech sector in India. Rating: 7/10

**Definitions** * **Fintech**: Financial Technology. Companies that use technology to provide financial services. * **Series A funding**: The first significant round of venture capital funding for a startup, typically used to scale operations and expand market reach. * **Credit-on-UPI**: A financial product that allows users to access credit or a line of credit directly through the Unified Payments Interface (UPI) platform for seamless transactions. * **HR SaaS providers**: Software-as-a-Service providers that offer cloud-based human resources management solutions, often integrating with payroll and employee benefits. * **Gross Merchandise Value (GMV)**: The total value of merchandise sold over a given period through a marketplace or platform, before deducting fees, commissions, returns, or taxes.