wordpress blog stats
Connect with us

Hi, what are you looking for?

, ,

Faircent secures series B funding from Incofin, Muthoot Fincorp and others: Report

Peer-to-peer lending marketplace Faircent has raised series B funding of $4 million from Belgium-based Incofin, Muthoot Fincorp, and existing investors, reports The Economic Times. The company was founded in 2013 by Rajat Gandhi, Vinay Mathews, and Nitin Gupta. The lending platform provides both retail and business loans. The platform is essentially a marketplace which helps users to interact directly with fellow lenders, negotiate terms and conditions about interest rates, without any intervention from Faircent. The user should pay a minimal amount of listing fee to the company. The publication reports that the company will use the capital to strengthen its technology especially mobile, expand its geography, and marketing. Previous Funding In May 2016, it raised series A funding of undisclosed amount from JM Financial Products Ltd, $1.5 million from BCCL's Brand Capital in August. In October 2015, Faircent secured an undisclosed funding from Mohandas Pai's  Aarin Capital Partners. In June 2015, the company had raised $250,000 in its pre-series A funding round from Singapore-based M&S Partners. Before that in January same year, it raised $4 million from Fusion Microfinance's promoters Devesh Sachdev and Ashish Tiwari. Competition  A lot of technology platform has joined the lending space off lately. Faircent competes with companies like Paytm-backed CreditMate, CASHe, LendingKart, MoneyTap, EasySalry, LoanMeet amongst others. RBI guidelines on P2P lending Note that, the Reserve Bank of India (RBI) had come out with final guidelines in October for peer-to-peer (P2P) lending platforms, according to which P2P lending companies will now be regulated as non-banking finance companies (NBFCs) and will come…

Please subscribe/login to read the full story.
Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

Free Reads

News

The case dates back to 2019 when Spotify filed a complaint against Apple's anti-steering rules which prevented apps like Spotify from informing their users...

News

DIP contains information regarding cases detected as misuse of telecom resources and acts as a back-end repository of all requests received on the Sanchar...

News

Meta's transparency report reveals a sharp rise in GAC orders from India in January 2024, exceeding the overall monthly GAC orders sent in the...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ