Faircent, a Gurugram-based peer-to-peer lending startup, has secured a fresh round of funding from Das Capital and Gunosy Capital. While, Starharbor Asia and M&S Partners have also participated in the round.
The company will use the funding to strengthen its technology backend, expansion of its product offerings and reach.
“Currently, loan originations on the platform are at an annualized rate of INR 600 Cr. With support from our marquee investors we will focus on taking financial inclusion to every part of India while delivering on the expectations of all our stakeholders,” Rajat Gandhi, founder and CEO of Faircent, said.
Founded by Gandhi and Vinay Mathews in 2014, Faircent is platform to connect lenders with borrowers, without the interference of intermediaries. The company got a non-banking financial companies (NBFC) P2P certification from the RBI in May 2018.
Faircent offers automated tools such as ‘auto invest feature’, which matches a lender’s investment criteria with the borrower’s requirements and automatically sends proposals to the borrower on behalf of the lender.
In the last year, Faircent claims to have brought on board over 300 partners to enable various loans. It reportedly disbursed loans worth over INR 200 Cr last year.
Some of the prominent players in the Indian market include LenDenClub, IndiaMoneyMart, Monexo, LoanBaba, CapZest, and i2iFunding.