Fintech startup Tartan has raised $4.5 million in pre-Series A funding from 500 Global, InfoEdge Ventures, AngelList Quant Fund backed by Naval Ravikant, WorldQuant Ventures, Varanium GenNext Fund, 9Unicorns, Yatra Angel Network, Emphasis Ventures (EMVC) and Naveen Kukreja.
The startup said it has raised around $6 million so far. With the new funding, Tartan will focus on expanding market activity, expanding its internal engineering team, and further strengthening its product offerings.
Founded in June 2021, Tartan is a set of data APIs (application programming interfaces) that allow financial institutions to access consumer salary data with their consent to better view their income and employment status.
Tartan claims that it covers more than 20 million employees and gig workers in India, and his API requests reach 150,000 per month. This product includes her CTC breakdown of employees and her basic KYC data, as well as deductions, PF contributions, attendance and performance.
In addition to the API suite, Tartan has also launched an employee benefits marketplace called Batik. The platform is currently used by both HRMS software providers and employers to offer simplified benefits to their employees at a discounted price. The benefits of the platform range from financial, health and mental opportunities through a network of partners.
Through Batlik, it aims to help lenders and fintech lenders build multiple products such as EWA, Payday Loans, Credit Card Limit Management and Emergency Funds and distribute them to the workforce directly through their employers.
Pramey Jain, Co-founder and CEO of Tartan, said, “Over the past year, the rapid adoption of our product has exceeded our expectations as more and more ambitious businesses choose the right tools to build and market their products for the key pillars of the economy, the workforce.”
The startup plans to double its workforce to 110 people, with a particular focus on engineering roles, to continue to support the building of innovative financial products such as Access to Earned Wage and to expand into new areas including but not limited to tax filing.
As per reports, the fintech ecosystem raised $3.4 billion in funding across 159 deals in the first half of 2022, compared to $2.1 billion across 114 deals in the same period last year.