Faircent is a marketplace to connect borrowers and lenders that enable them to lend and borrow money. The company has developed a mobile app for retail lenders to fund borrowers with speed. The company was selected in Nasscom top 50 innovate companies in India in 2016. Faircent has been awarded the status of a 'Super StartUps 2017' by Superbrands.
PRODUCTS & SERVICES:
Online Lending (P2P Lending).
Trims the lengthy process and transaction fees charged by banks and FIs. Allows borrowers to get a lower rate of interest and lenders receive high returns.
Viewable by subscribers only
Retail borrowers and Retail investors
Websites or Companies which can refer loan applicants with at least good credit rating and prospective investors
Provides a marketplace for borrowers and lenders for negotiation, lending/borrowing negotiate and reduces the cost of capital through unique reverse auction engine. The platform has a tie-up with Transunion to leverage its data analytics and algorithmic underwriting technology.
Faircent offers Auto Invest feature, a fully-automated feature that matches a lender’s investment criteria with the borrower’s requirements and automatically sends proposals to the borrower on behalf of the lender, based on pre-selected lending criteria such as loan tenure, amount, and risk profile.
M&S Partners, Ashish Tiwari, Devesh Sachdev, Aarin Capital Partners, JM Financial, T V Mohandas Pai, Brand Capital, Microsoft accelerator, Incofin Investment Management, Muthoot Fincorp, Elevate Innovation Partners, Das Capital, Starharbor Asia Pte Ltd
Rajat Gandhi (CEO); Vinay Mathews (COO); Shakti Goel (Chief of Product, Technology); Shivam Gupta (CRO); Karun Thareja (Head of Marketing)
NUMBER OF TRANSACTIONS:
DATE OF LAST FUNDING:
TOTAL FUNDING COMMENT:
The company will use funds to strengthen its technology especially mobile, expand its geography, and marketing. (Dec. 2017)
SEED & PRIOR FUNDING:
SEED CLOSED ON:
SEED PRIOR FUNDING COMMENT:
An undisclosed amount raised in venture round in Oct 2015.
$1.5 Millions Closed: Aug 2016
$3.9 Millions Closed: Dec 2017
SERIES A :
An undisclosed amount was funded in May 2016.