EarlySalary signs up Dentsu Webchutney as their Creative AOR

Dentsu Webchutney, the digital Agency of Dentsu Aegis Network, has been hired by Fintech start up EarlySalary following a recent multi-agency pitch. The account will operate out of the agency’s Mumbai office. Together, they will focus on creating digital ad campaigns that will help increase brand recall and preference for EarlySalary among young working Indians.

EarlySalary is a mobile first application that has a presence in 17 cities across the country. Users can currently avail loans of up to INR 2 lakhs; a line of credit ranging from 50 days to 2 years and interest- free EMIs for shopping. The startup uses a unique social media based underwriting system and machine learning platform that allows even a person who is New to Credit (NTC) or a Customer without Credit Bureau scores, to borrow.

EarlySalary was recently in the news for having successfully disbursed INR 550 crores, thus becoming the largest consumer lending application in the country. They have provided this financial assistance to over 135,000 Unique Customers and disbursed cumulatively 350,000 loans, which has made them the first line of credit for young working Indians. The platform processes 60,000+ loan applications every month and disburses 35,000+ loans with a small team of just 150 people.

24 - 30 year olds make up for a large percentage of the company’s user base and over half of the customers work for the top 200 corporates in the country and are at their first jobs. The shopping limit at No-Cost EMI on Flipkart, Amazon & Big Bazaar is the second most used product feature with over 4000 transactions per month. Customers use EarlySalary to fund their vacations, to buy a designer bag and even on festive gifting. EarlySalary also supports other millennial lifestyle needs that crop up, wherein they provide short term loans to customers who need a quick buck before heading out on a date or who want to buy a new outfit before a friend’s wedding. Sudesh Shetty, Head - Marketing, EarlySalary commented, “While we have always believed ourselves to be the first line of credit for young working India, we would like to position ourselves as a lifestyle brand. This year our primary focus is to build the brand through creating engaging content that the target audience resonates with. Webchutney is known for striking the right chord with audiences, through the right platforms insights and compelling creative ideas. We are excited to start our journey together.”

Harsh Shah, Vice-President, Dentsu Webchutney said, “EarlySalary with its data and technology leverage is a brand that caters to new-age spending habits. That’s a true example of how bringing culture and technology together can solve a consumer problem and this is the vision we live by. We are already looking at some winners here.” Recently, EarlySalary shot few commercials with Ayush Mehra, who is a popular face to create an interesting commercial, which revolves around millennials opting for salary advances, instead of personal loans or borrowing from friends and family. The commercial went viral and was also trending on Twitter last week.

EarlySalary’s mid-term objective is to achieve a balance sheet of nearly INR 2000 crores while over the next 3 years they hope to build a financial institution of nearly INR 5000 crores.