P2P lending platform, Faircent.com has received its NBFC-P2P certification from the Reserve Bank of India (RBI). The accreditation makes Faircent.com the first P2P lending platform in the country to receive the certificate of registration as an NBFC-P2P by the national regulator.
Speaking on the certification, Rajat Gandhi, Founder and CEO – Faircent.com, added, “As the largest P2P lending platform in the country and a pioneering presence in the domain, Faircent.com has played a pivotal role in helping the Indian online P2P lending sector gain regulatory recognition. To be the first player in the sector to receive an NBFC-P2P certification from the RBI is a very significant milestone for us at Faircent.com. 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.”
The platform currently has more than 40,000 registered lenders, 3.5 lakh registered borrowers, and has facilitated over 6,000 loans cumulatively till date.
Projected to be worth $4-5 billion by 2023, the P2P lending segment has completely disrupted the consumer lending and asset class categories in India. 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. Given such positive market sentiment around P2P lending, the certification from the RBI will help Faircent.com gain more traction in the mainstream financial market and strengthen confidence amongst borrowers and investors alike.
The other Indian players operating in the P2P lending space are LendBox, LenDenClub, LoanBaba, i2iFunding, IndiaMoneyMart, Monexo, CapZest and Rupaiya Exchange.
Digital payments giant Paytm is also trying to enter the lending space and is seeking a licence from RBI to become a peer-to-peer lending platform. It is aiming to leverage its base of 7 mn offline merchants to gain a foothold in the country’s P2P lending landscape.