Peer to peer (P2P) lending is showing that it is borderless, with platforms springing up around the world. Analysis of transaction trends is also showing that despite countries like the US, UK and China composing the lion’s share of overall lending, strong growth for non-bank marketplace lending is taking place throughout the globe.
Among emerging countries, becoming a P2P leader in India is Faircent. Providing both consumer and business loans, Faircent’s platform connects lenders and borrowers. According to statistics provided by the firm, over 2300 loans have been initiated on the Faircent platform, with 36 month loans composing nearly 50% of the total.
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Aiming to continue to grow their operation, Faircent has been reported to have raised $250,000 in funding from Singapore based M&S Partners. According to VCCircle, the deal values Faircent at $8 million. The funding terms represent demand for Faircent equity, as the firm has been reported to have raised capital in January of this year at a $4 million valuation.
Like other marketplace platforms, Faircent is experiencing demand from investors that is above requests for loans. According to the firm, over INR22 million is available to lend, compared to borrower demand that is slightly below INR15 million.