CEO
KarmaLifeAI
This platform provides Earned Wage Access (EWA) solutions for the workforce in India, enabling employees to access accrued earnings on demand. The service integrates with employers to offer liquidity options like lines of credit and personal loans directly from worker payouts. This financial flexibility aims to improve workforce productivity and retention across various employment models.
- Applications
- Financial Technology
- Software Only
Updated 23 months ago
Funding
Raised to date
$3.1MRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Funding rounds are not available yet.
Founders
Product
Problem
Gig workers in India often face financial instability due to irregular income streams, making it difficult to manage unforeseen expenses and plan for the future. Traditional financial institutions often deny them access to credit due to a lack of conventional financial history.
Solution
KarmaLife provides an Earned Wage Access (EWA) platform that allows gig workers to access a portion of their earned wages before their regular payday. The platform uses a data-driven underwriting process that assesses current work behavior and earnings to determine creditworthiness, rather than relying on traditional credit scores. This enables workers to access small credit amounts easily, 24/7, without paperwork, improving their financial flexibility and reducing stress. KarmaLife also offers Deduction at Source (DAS) to simplify loan repayments, EMIs, insurance premiums, and savings contributions directly from worker payouts.
Target Audience
KarmaLife primarily targets gig workers and blue-collar employees in India who require access to short-term credit and financial management tools. The platform also serves employers looking to enhance workforce productivity and retention through earnings-linked financial benefits.
Features
- Data-driven underwriting using real-time earnings and work behavior
- On-demand access to earned wages before payday
- Deduction at Source (DAS) for automated loan repayments and savings contributions
- Mobile app for easy access and management of funds
- Integration with major gig platforms via plug-and-play APIs
- Digital onboarding with high adoption rates