Bangalore: Gurgaon based online P2P (peer to peer) lending portal, Faircent raises Rs.1.6 crore in pre-series A round of funding from Singapore based M&S Partners. The fund will be utilized to strengthen technological offerings and hiring new talents. The company had acquired an Angel Funding from Devesh Sachdev and Ashish Tiwari – Fushion Microfinance, earlier in January,
Founded in 2013 by Rajat Gandhi, Vinay Mathews and Nitin Gupta, Faircent is a peer-to-peer lending portal which allows lending and borrowing without much hassles of the financial institution. Today, through the help of company, people can track live status of their lending and borrowing proposals and repayment methods which are through NEFT, Net-banking or Post dated cheques.
Expanding its reach, the firm claims to have over Rs.2.2 crore lender commitment and loan demand of over Rs.1.4 crore. Not only this, but the company also claims to have over Rs.80 lakh of loan offers made by lenders every month on the platform through an open bidding model.