- Info Edge Ventures is the lead investor; others include 500 startups, Titan Capital, Varanium advisors, EMVC, Yatra Angel Network, Manipal Group and the founders of Groww.
- The funds will be utilized for hiring additional workforce and product expansion.
- It is the first-of-its-kind product in India that will transform credit approval mechanisms through use of payroll data.
National, 15th Feb 2022: Payroll and workforce platform connectivity startup, Tartan raises an undisclosed amount of funding led by Info Edge Ventures. The other investors are 500 startups, Titan Capital, Varanium advisors, EMVC, Yatra Angel Network, Manipal Group and the founders of Groww. They plan to use the funds to grow their team, expand market base, and product enhancements.
Tartan helps users connect their employer-linked payroll or HR management system (HRMS) account to any app or business and verify their income and employment status in less than 60 seconds.
Tartan’s solution opens up financial inclusion avenues for the underserved and unbanked by leveraging their income and employment data. It especially benefits low salaried individuals, freelancers, social media creators and gig workers who usually have low or no credit score and are considered as ‘new to credit’ customers.
Founded in 2021 by Pramey Jain and Meet Semlani, Tartan is working with leading financial service providers and recruitment agencies who are currently using it’s API to access their consumer’s data with their consent to verify income and employment status, monitor monthly net pay and deductions, assess user’s credibility to purchase financial products and complete their employment verifications.
How Tartan fills the payroll data gap
Payroll data in India is fragmented and there is a wide gap in verifying accurate income and employment of an individual which is usually done through bank statements and salary slips. Banks, lending institutions, and financial service providers can benefit from accessing this data through the source system, thereby eliminating the manual steps of document upload, email exchange etc. Tartan builds the pipes that aggregate and unlock the payroll and HRMS systems which helps consumers access better and cheaper financial products when they need them the most.
Our platform empowers users to share their data securely and privately with their consent. For eg: A customer can apply for loans, insurances, digital bank accounts, etc. by sharing relevant and accurate work and income data, through a simple interface within any application which is using Tartan’s white-labeled infrastructure, all while retaining complete control of what data is shared and with whom.
“The process of verifying an individual’s income or employment is still a cumbersome process and raises questions on the privacy of the personal data that is getting shared. Banking and lending institutions still rely on manual processes thereby spending a lot of time and resources. With the digitisation of various services like UPI (payments), e-Kyc (onboarding) etc, there is an urgent need for users to share and verify their data at the click of a button with their consent from their payroll or work platform which is usually the decision maker. This data from the source systems will also help financial institutions to innovate their underwriting processes and offer better-suited products to large untapped customers, who have not yet moved to digital banking platforms. At Tartan, through our APIs, we are here to help banks and financial institutions to reform lending and make the process seamless and safe for all parties involved” said Pramey Jain, CEO & Co-Founder, Tartan.
Kitty Agarwal, Partner at Info Edge Ventures, commented “We believe income and employment verification at source can help banks, financial institutions and various other stakeholders in make better .”
“We aim to provide a bridge that will allow data to move smoothly between employers and banks, with users having the key to open this bridge at all times. The customer will have the authority to give explicit consent for each transaction and choose who can access which data of theirs.” added Meet Semlani, COO & Co-Founder, Tartan.
Tartan’s API helps organizations save massive costs and time by offering automation of job applications, new customer onboarding, loan applications, financial risk decision-making, background verification process etc.