Faircent a Gurgaon based P2P lending platform has raised $1.5 million funding from BCCL- The Brand Capital.
It was founded in 2014 by Rajat Gandhi, Nitin Gupta and Vinay Mathews. Currently it has more than 6,000 lenders and 26k borrowers. In the last 2 years it has disbursed a total loan of Rs 6.5 crore.
Rajat Gandhi, Founder and CEO of Faircent said,
“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.”
Faricent earlier raised an undisclosed amount of Series A round of funding from JM Financial Products, a subsidiary of JM Financial and Mohandas Pai’s Aairn Capital.
The startup was recently featured in Interbrands global list of Breakthrough Brands 2016.
Reserve Bank of India has recently proposed that P2P lending platform will be register as NBFCs- Non Banking Finance Companies. It will allow the central banks keep a check on such platforms. Currently there are more than 30 startups in the domain including Rangde.org, i-Lend, Kiva.org, Milaap.org, Lendbox, Capzest, Loancircle, Lendenclub, i2iFunding and Loancircle.