Fintech startup Yenmo secures $500,000 in funding round led by Y Combinator

Fintech platform Yenmo, which provides instant loans against mutual funds, has raised $500,000 in a seed funding round led by US-based startup accelerator Y Combinator.

Founded by Aryan Agarwal and Ashutosh Purohit, Yenmo enables its users to borrow against their investments at a flat 10.5% interest rate. Investors can view all their investments in real time, select the assets they wish to borrow against, and receive funds directly into their bank accounts.