P2P lender Faircent.com has received NBFC-P2P certification from the Reserve Bank of India (RBI), reportedly the first P2P lending platform in the country to receive the certificate of registration as an NBFC-P2P by the national regulator. Faircent.com anticipates that the RBI certification will help Faircent.com gain more traction in both the mainstream financial market and strengthen confidence among borrowers and investors.
“As the largest P2P lending platform in the country and a pioneering presence in the domain, Faircent.com has played a pivotal role in helping the Indian online P2P lending sector gain regulatory recognition,” indicated Faircent.com Founder and CEO Rajat Gandhi. “To be the first player in the sector to receive an NBFC-P2P certification from the RBI is a very significant milestone for us at Faircent.com. This development further bolsters our resolve to take financial inclusion to every last Indian through technology and to address the country’s credit deficit with our innovative tech-led offerings.”
According to the platform, Faircent.com currently counts more than 40,000 registered lenders, 3.5 lakh registered borrowers, and has facilitated over 6,000 loans cumulatively.
[clickToTweet tweet=”‘This development further bolsters our resolve to take financial inclusion to every last Indian through technology and to address the country’s credit deficit with our innovative tech-led offerings.’ @rajatgandhi @Faircent1 @vinaymathews” quote=”‘This development further bolsters our resolve to take financial inclusion to every last Indian through technology and to address the country’s credit deficit with our innovative tech-led offerings.’ @rajatgandhi @Faircent1 @vinaymathews”]
Projected to be worth $4-5 billion by 2023, the P2P lending segment has disrupted the consumer lending and asset class categories in India; the growing proliferation of digital transactions, recent fintech innovations, and increasing demand for affordable credit has already been driving the growth of P2P lending platforms in India, according to Faircent.com. Other key players operating in India’s P2P lending space include LendBox, LenDenClub, LoanBaba, i2iFunding, IndiaMoneyMart, Monexo, CapZest and Rupaiya Exchange.
“Our effort, from the very beginning, has been to create a robust tech platform which facilitates seamless flow of credit across India by connecting borrowers directly with individuals holding surplus funds,” added Faircent.com Founder and COO Vinay Mathews. “We have also helped in creating an extremely lucrative, high-value alternative asset class for investors in India in the form of P2P lending. The RBI certification is a regulatory validation of our business model and tech-led approach, and adds immense credibility to our operations.”
In a recent report, P2P lending platform Faircent.com, looks to project its own economic impact “on the ground”. Through the Social Impact Report the online platform highlights how its tech-driven approach has been empowering Indian businesses and consumers, and how improving the liquid capital available in the market is stimulating greater economic activity on a pan-India level. Earlier this year Faircent.com added a Social Impact report which highlighted the fundamental difference between the credit assessment approach adopted by the online platform and other financial institutions offering unsecured loans.