Gurgaon-based online peer-to-peer lending marketplace, Faircent has raised an undisclosed amount of angel funding from promoters of Fusion Microfinance, Devesh Sachdev and Ashish Tiwari. The latest funding has valued the firm at USD 4 million.
As per a VCCircle report, the new funding will be used to strengthen its technology and brand, besides expanding the team. The start-up was started in 2013 by Rajat Gandhi, Vinay Mathews and Nitin Gupta, provide a virtual marketplace where borrowers and lenders can interact directly and helps them in interest rate discovery.
With the help of its platform, one can directly interact with fellow borrowers/lenders, negotiate terms and conditions about interest rates, tenure of loans, etc. The user pays a listing fee and the start-up follows a format that allows it to keep institutional charges at a bare minimum and it passes on these benefits to users.
It also indexes borrowers based on the purpose of loan, amount & tenure as well as lender requirements on amount to invest and expected return of investments. Faircent connects borrowers and lenders as per their respective requirements by using match making technologies.
Image Source: Faircent.com