Gurugram-based P2P lending startup Faircent has closed $3.9 Mn in a Series B round of funding. Investors participating in this latest funding round include Incofin Investment Management and Faircent’ts existing investors JM Financial, 3one4 Capital, M&S Partners Pte Ltd and Aarin Capital.
The round also saw the participation of Muthoot Fincorp, Elevate Innovation Partners, Das Capital and Starharbor Asia Pte Ltd.
Faircent will utilise the newly raised funds towards strengthening the platform’s technology and creating greater awareness about P2P lending significance as a new and highly rewarding asset class.
Founded by Rajat Gandhi and Vinay Mathews in 2014, the P2P lending startup provides a platform where people who have spare money can lend it directly to people who want to borrow, thereby eliminating intermediaries and the margins they used to make.
Speaking on the investment, Rajat Gandhi, Founder and CEO, Faircent, commented, “These are exciting times for P2P lending in India, and Faircent is here to unleash the power of retail lending. As India’s largest platform, being backed by marquee investors, and the fact that the RBI has come out with progressive guidelines for the sector is a great validation of Faircent’s business model. Moreover, with P2P lending, the financial market is all set to witness the creation of a totally new asset class.”
Faircent offers tools such as –Auto Invest feature, a fully-automated feature that matches a lender’s investment criteria with the borrower’s requirements and automatically sends proposals to the borrower on behalf of the lender, based on pre-selected lending criteria such as loan tenure, amount, and risk profile.