Fund My Staff: A New Fintech Solution by Ashneer Grover

Fund My Staff, the latest fintech platform introduced by Ashneer Grover, the former MD and co-founder of BharatPe, aims to assist employers in providing loans to their staff by serving as guarantors. Grover revealed this initiative in a recent LinkedIn update.

Supporting Employees with Financial Access

The platform is tailored for employers keen to aid their workforce in obtaining credit, especially for employees with limited or no credit history needing financing supported by their employer’s guarantee. According to the information on the website, employers can onboard their staff, determine loan amounts, review loan requests, and approve these by acting as guarantors.

Loan Process and Repayment

Once a loan is approved, funds are disbursed to the employee, who then repays the amount through monthly EMIs. Additionally, employees have the option to start the process by submitting a loan request to their employer. Upon approval from the employer, the loan is processed and repaid in EMIs.

Compliance and Partnerships

Fund My Staff operates as a Lending Service Provider (LSP) in alignment with the digital lending regulations set by the Reserve Bank of India. Loans are initiated and sanctioned by lending partners registered with the RBI, with Ash Grove Capital Private Limited, an RBI-registered NBFC, currently listed as a lending partner.

Role of Employers

The platform clarifies that employers are not responsible for paying the loan amount. Instead, they serve as guarantors, allowing the employee to receive the loan funds and repay them over the chosen tenure.

Innovative Developments from Third Unicorn

Fund My Staff is a product of Third Unicorn, a venture founded by Grover and Aseem Ghavri following Grover’s departure from BharatPe. In 2024, the company also launched ZeroPe, a fintech application aimed at financing medical expenses. Additionally, it previously introduced CrickPe, a fantasy cricket platform that discontinued operations in February last year.