Updated: Peer-to-peer lending pioneer, Faircent.com has raised an undisclosed amount in its first round of funding from Devash Sachdev and Ashish Tiwari, promoters of Fusion Microfinance Pvt Ltd at an $4 Mn valuation. The microfinance firm has Gross loan Portfolio of 250 Cr. as on December 2014.
Speaking on the development, Rajat Gandhi, Founder CEO of Faircent.com said, “Devesh and Ashish are seasoned professionals from the micro finance industry, we wanted our initial set of investors to be from the banking and finance industry who would bring synergy to our operations through their experience and network.”
The Gurgaon-based company was founded in 2013 by Rajat Gandhi, Vinay Mathews and Nitin Gupta, provides a platform where borrowers and lenders connect directly. With the help of this borrower gets lower rates of interest and lenders get higher rates on savings.
Faircent.com has been in operations for last six-months. It has been witnessing good traction both with borrowers and lenders looking at alternative sources of borrowing and lending.
The company provides the best rate of interest to both borrower and lenders without going through the traditional financial intermediaries like banks who have employees to pay and branches to maintain. Faircent.com lends money directly to people from the people who want to borrow.