Hong Kong’s peer-to-peer lending platform Monexo announced on Monday it now has an undisclosed strategic partner. Founder and CEO of the online lender, Mukesh Bubna, reportedly stated that the new partner may be a domestic private equity fund.
“In 2017, our aspiration is to do ₹100-crore business at both ends — lending as well as borrowing. Because we are digital, we do not want to expand in every city. Our staff can always travel to some cities if they want to do promotions. We are closing a conversation with a domestic PE. That’s why I am here in India. I want money from India (with Indian colour). I want to be a responsible player in the peer-to-peer industry and my strategy will be to only pursue profitable growth.”
Bubna noted he and his team at Monexo are now planning to start offering small and medium enterprise (SME) loans from the third quarter of 2017. The strategic partner announcement comes just after Monexo revealed it started its lending operations in Kolkata in India. Bubna added:
“We have taken an office in Salt Lake Sector V. We will hire around 30-40 people and start peer-to-peer lending operations here shortly. Monexo is a market-place where matchmaking between the lenders and borrowers are done”