SalarySe raises $11.3 million Series A funds to expand financial solutions for India’s salaried workforce

Fintech platform SalarySe has raised $11.3 million in Series A funding led by Flourish Ventures, along with participation from existing investors Peak XV Partners and Pravega Ventures. The company plans to use the fresh capital to expand its financial management solutions for India’s growing base of salaried employees.

Speaking to CNBC-TV18, Piyush Bagaria, Co-Founder of SalarySe, said the company’s goal is to revolutionise how financial products are delivered to India’s workforce. “We are on a mission to revolutionise the financial product experience for 100 million salaried users,” he said, adding that the new funding will help the company accelerate this effort.

SalarySe offers financial products and services in partnership with leading banks such as HDFC Bank and RBL Bank. Its solutions are already being used by more than 100 multinational corporations, global capability centres, and Indian enterprises across sectors. The company now aims to expand this base tenfold. “Our product, which was launched a couple of years ago, has already seen good traction among more than 100 multinational and Indian corporations, and we want to scale this base up to 1,000 corporates in the next two years,” Bagaria said.

Unlike traditional fintech models that directly target consumers, SalarySe reaches employees through their employers, integrating financial benefits into the workplace. Its flagship product, Credit on UPI, is designed specifically for salaried Indians, offering flexible access to credit through the Unified Payments Interface. “Instead of taking the usual distribution approach, we reach salaried customers by partnering with their employers,” Bagaria explained.

The platform’s user base is largely composed of young professionals between the ages of 22 and 35, with around 40% being women — a demographic the company sees as key to its growth.

With its Series A funding in place, SalarySe plans to build new offerings around wealth, savings, and artificial intelligence-led personalised financial insights for salaried employees. The company currently operates at a gross merchandise value (GMV) of around ₹700 crore annually and expects to scale that to ₹10,000 crore over the next two years. It is also targeting revenues of around $5 million in the next 12 months.

Bagaria said the company continues to see strong support from regulators as it grows. “For us, it has been a great enabler. NPCI, which is our primary regulator, has been one of the most forward-looking regulators,” he said, adding that India’s financial ecosystem is among the most innovative globally.

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