India’s second largest Peer-to-Peer lending platform, i2ifunding.com has announced that they have received their Certificate of Registration (CoR) as NBFC-Peer to Peer Lending Platform (NBFC-P2P) from Reserve Bank of India (RBI).
According to RBI’s Master Directions issued in 2017, each player in P2P lending platforms are required to register as a Non-Banking Financial Company (NBFC-P2P). Backed by SucSEED Venture Partners and angel investors comprising industry veterans, i2iFunding is one of the top players in the P2P lending market sector with more than 80,000 registered users.
Raghavendra Pratap Singh, co-founder of i2iFunding, said “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.”
He further added, “This will also help us to become the most trusted source of formal credit for the underserved borrowers especially small businesses. 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.”
Gaining an approval from the RBI is a significant positive development for i2iFunding, because it marks the firm as a secure means of investing in this recently booming fintech space. i2iFunding, which started with loan amounts of INR 10-15 lakhs per month, are now doing INR 1.5 crore per month. Currently, with around 50,000 registrations for borrowers and around 5,000 for investors, the firm can expect more business to flow in after receiving the okay from RBI. The company adds about 400-500 new investors per month. So far, the company has disbursed over 900 loans of over INR 13 crores.
Vaibhav Pandey, another co-founder of i2iFunding, added, “Since inception, our focus has been providing superior customer experience through technology driven innovations. 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.”
P2P lending is growing at a fast pace in India and is expected to become a USD 4-5 billion industry by 2023. Through P2P lending, millions of people from the underserved sections of the country will have easy access to credit. With RBI regulations in place, now only registered and credible players are operating in this space, a boost for the sector.