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Faircent.com, a peer-to-peer lending platform catering to retail and business loans, has raised $1.5 million funding from Brand Capital, the ad-for-equity investment arm of conglomerate, Bennett Coleman and Company Ltd (BCCL).
Faircent helps in eliminating the high margins intermediaries make on transactions. At Faircent, people who have spare money lend it directly to people who want to borrow.
“Our association with Brand Capital would help us to accelerate our brand building efforts to reach more borrowers and lenders,” Rajat Gandhi, Founder and CEO said in a statement.
The P2P lending marketplace has gained traction from borrowers and lenders across India. Mohandas Pai’s Aarin Capital and JM Financial Products Ltd., a subsidiary of JM Financial Ltd have invested in the company earlier.
Founded in 2014, Faircent has over 6,000 lenders and 26,000 borrowers and has disbursed a total loan of Rs 6.5 crore in two years of its operations. Creditworthy borrowers and lenders are aggregated on the P2P lending marketplace.
Faircent claims it empowers the borrower by having a transparent rate discovery model and enables them to reduce interest rate through a unique reverse auction model.
