Faircent.com, Indian peer to peer lending platform catering to retail and business loans has raised $1.5 million funding from Brand Capital, the ad-for-equity investment arm of conglomerate, Bennett Coleman and Co (BCCL).
Commenting on the development, Mr. Rajat Gandhi, Founder and CEO said, “The investment proves and strengthens our brand conviction towards disrupting credit in India. Our association with Brand Capital would help us to accelerate our brand building efforts in order to reach more borrowers and lenders. More people need to be made aware of the alternate investment opportunity that we provide and this will help us take a step closer to provide easier and cheaper access to the credit market in India.”
Faircent is the only P2P lending marketplace to feature in Interbrands global list of Breakthrough Brands 2016. Gaining prominence as an alternative investment option, the P2P lending marketplace has gained traction from borrowers and lenders across India. Mohandas Pai’s Aarin Capital and JM Financial Products Ltd., a subsidiary of JM Financial Ltd have invested in the P2P lending marketplace earlier.
Commenced in 2014, Faircent is a pioneer in the Indian peer to peer lending market with over 6,000 and 26,000 registered lenders and borrowers respectively and has disbursed a total loan of Rs. 6.5 Cr. in just two years of its operations. Creditworthy borrowers and lenders are aggregated on the P2P lending marketplace. Faircent empowers the borrower by having a transparent rate discovery model and enables them to reduce interest rate through a unique reverse auction model.
About Faircent.comFaircent helps in eliminating the high margins, which intermediaries make on our transactions. At Faircent.com people who have spare money lend it directly to people who want to borrow.
Faircent.com in its nascent history been able to garner recognition from the Industry – It was showcased as one of the top start-ups at Start Up India, selected for the first batch of NASSCOM 10,000, It is part of the Microsoft BizSpark programme and it was one of the top 10 companies from India to be selected for Web Summit in 2013. It’s been acclaimed as Interbrand Breakthrough Brand in finance 2016.
