Faircent.com is conceptualised as a marketplace for borrower and lenders to connect directly.
Gurgaon based Peer to Peer lending pioneer Faircent.com raised capital at an enterprise valuation of $4 million. The round was led by couple of investors from the micro finance industry -Devesh Sachdev and Ashish Tiwari, promoters of Fusion Microfinance Pvt Ltd, a company having Gross Loan Portfolio of Rs 250 crore as on December 2014, invested in the venture in their individual capacity.
Faircent.com till now was self-funded by the promoters Rajat Gandhi, Vinay Mathews and Nitin Gupta.
Faircent.com has been in operations for last six-months. It has been witnessing very good traction both with borrowers and lenders. The company was founded in 2013. It spent nearly 12 months in developing the platform which has proprietary technology enabled underwriting and borrower rating system.
Welcoming the investors Rajat Gandhi, Founder & CEO, Faircent.com, said, "Devesh and Ashish are seasoned professionals from the micro finance industry, we wanted our initial set of investors to be from the banking and finance industry who would bring synergy to our operations through their experience and network."The money raised would be used for strengthening technology, talent and brand.
Faircent.com is conceptualised as a marketplace for borrower and lenders to connect directly. The vision is to empower consumers who are burdened with high interest rates and lenders who end up having returns which is even less than inflation.
Peer to peer lending is considered one of the most innovative financial products of recent times. It enables creditworthy borrowers lower their cost of loans and enables individual lenders/ investors to lend directly to their peers and community thereby earning higher returns.
Faircent.com was selected for the first batch of NASSCOM 10,000. It is part of the Microsoft BizSpark programme and it was one of the top 10 companies from India to be selected for Web Summit in 2013.