Peer to Peer (P2P) lending platform Faircent.com on Monday received its NBFC-P2P certification from the Reserve Bank of India (RBI).
"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," said Rajat Gandhi, Founder and CEO - Faircent.com.
The company, through its tech-led approach, has not only helped in enabling more seamless access to credit for Indian borrowers, but also presented a high-potential avenue of wealth creation to investors across the country.
The platform currently has more than 40,000 registered lenders and 3.5 lakh registered borrowers, and has facilitated over 6,000 loans cumulatively till date.
Projected to be worth USD 4-5 billion by 2023, the P2P lending segment has disrupted consumer lending and asset class categories in India. Its recent inclusion into the larger regulatory ambit has put the sector on an exponential growth trajectory of late.
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.
In the backdrop of such positive market sentiment around P2P lending, the company believes that RBI certification will help it gain more traction in the mainstream financial market and strengthen confidence amongst borrowers and investors alike.
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