India's second largest peer-to-peer lending platform, i2ifunding.com on Thursday announced receiving of Certificate of Registration (CoR) as NBFC-Peer to Peer Lending Platform (NBFC-P2P) from Reserve Bank of India (RBI).
The central bank had issued master directions on in 2017, as per which each player in Peer-to-Peer Lending platforms are required to register as Non-Banking Financial Company (NBFC-P2P).
i2iFunding.com is one of the pioneers of P2P Lending in India and has more than 80,000 registered users. It is backed by SucSEED Venture Partners and angel investors comprising industry veterans.
"We are thrilled to receive the certificate. We are now officially an NBFC-P2P. This is a testament of hard work we have put in last two and half years to create one of the most innovative and customer centric Peer to Peer Lending platforms in India. This certification will certainly boost credibility of our platform and will help us increase our penetration across India," said co-founder i2iFunding.com, Raghavendra Pratap Singh.
"At the same time, our technology led robust process will ensure robust loan quality helping the lenders earn attractive returns. The RBI has put us at par in the financial services ecosystem," added Singh.
"We are doing amazing stuff in automating the end to end process from origination, credit evaluation to loan monitoring till closure. Ours is a fully data driven process. Our strong loan quality and customer service have helped us earn strong trust of our lenders. All loans made live on our portal get funded within few hours," said co-founder i2iFunding.com, Vaibhav Pandey.
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