Yenmo offers a better way to access cash for India’s 60 million investors who either resort to personal loans at over 18% interest or have to liquidate their investments when in need of money. With Yenmo, anyone can pledge their investments digitally and instantly get a loan at a fixed 10.5% interest rate.

Fintech platform Yenmo has raised $500,000 in a seed funding round led by Y Combinator, a renowned US-based startup accelerator. The startup offers instant loans against mutual funds, aiming to revolutionize how Indian consumers access funds without liquidating their investments. With a cheap flat interest rate of 10.5%, Ashutosh Purohit and Aryan Agarwal's Yenmo platform enables customers to borrow against their mutual fund investments. Through the website, investors may select the assets they want to borrow against, examine all of their investments in real time, and get the loan amount deposited straight into their bank accounts. It's interesting to note that the user's mutual fund investments serve as collateral for loan acceptance rather than a credit score check.The fintech firm wants to democratise access to financing choices that were previously exclusive to wealthy people, in contrast to other platforms. With Yenmo's method, borrowers can opt to repay the principal amount at any time and simply pay interest during the loan's term.  Notably, this strategy promotes both the long-term growth of the user's finances and the preservation of the investments.They won't have to sell their mutual funds thanks to Yenmo. Yenmo CEO and co-founder Ashutosh Purohit stated, "Taking out 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." With this round of funding, The startup plans to expand its lending options to include stocks, insurance, digital gold, and land. The expansion is part of its broader goal to introduce a suite of lending products that cater to the diverse needs of Indian consumers, ensuring that more people can leverage their investments for immediate financial needs without sacrificing their long-term growth.