PayMe India, one of India’s fast-growing FinTech companies, has received its Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI) under Section 45(1A) of the RBI Act, 1934. With this certification, PayMe India is now authorised to offer both secured and unsecured financial products, including short-term personal loans, business loans, education loans, credit cards, and more.
The company holds a valid Certificate of Registration dated June 25, 2019, issued by the RBI. However, the RBI has clarified that it does not take responsibility or provide any guarantee regarding the company’s current financial position, the accuracy of statements or representations made by the company, or the repayment of deposits and discharge of liabilities.
Founded in 2016 by financial experts Mahesh Shukla and Sandeep Singh, PayMe India began its journey with seed funding of USD 2 million. Shortly after its launch, the company gained strong traction among millennials as a leading advance salary provider. In 2018, PayMe India was featured among the top 30 emerging FinTech companies in India by Inc42.
Currently, PayMe India serves nearly 20,000 customers every month across India, offering instant short-term loans, debt management solutions, and credit score improvement services. Additionally, the company acts as an advance salary partner for employees of over 100 corporate organisations nationwide.
With consistent growth and the acquisition of NBFC status, PayMe India is well-positioned to attract significant funding from banks, wholesale NBFCs, and private equity firms.
Speaking about the company’s future roadmap, founder Mahesh Shukla expressed optimism about scaling operations and expanding offerings. He stated, “In the current financial year, we have strategised to add multiple financial products and services to our portfolio. This will enable PayMe India to cater to a much broader customer base.”
Aligned with its mission of “Spreading Financial Happiness,” PayMe India aims to address cash-flow challenges faced by individuals and businesses, with a strong focus on salaried and blue-collar workers.
Highlighting the market opportunity, Mahesh Shukla added, “As per a recent survey, nearly 89% of people in India earn less than INR 14,000 per month, and only about 5% have access to salary advances. Through diversified financial products, PayMe India aims to bring first-time and underserved individuals into the formal credit ecosystem.”
