FinTech player SalaryFits, a platform that promotes employee financial benefits in the workplace, has raised USD 5 million from a Brazilian VC fund Confrapar.
As per the reports, the HRtech startup will use these new funds to expand its operations in India.
“SalaryFits brings a successful model that promotes financial inclusion and fairer access to financial products. Financial benefits and empowerment of employees through financial wellbeing solutions are still at very nascent stages in India, and we are happy to bring forward our thought leadership in the country. We recently entered into a strategic partnership with a leading HRtech player, to bring our technology and concept to over one million employees,” said Guilherma Mota, Head of Operations, SalaryFits.
The company was founded in 2015 by Renato Araujo. It helps the financial institutions to integrate their systems with payroll information of entities, providing access to a new risk assessment tool.
The startup is currently serving in the Latin American, European, and Asian markets. Three years back it has entered the Indian markets.
Earlier to this funding round, the company had raised USD 1.3 million through seed capital, across two rounds, from Portugal 2020 and Level39.