Peer-to-peer lending platform Faircent raised a pre-series A funding round of $250 K from Singapore-based M&S Partners Pte. Ltd. The raised money will be used for strengthening technology, talent and brand.
The company was founded in 2013 by Rajat Gandhi, Vinay Mathews and Nitin Gupta. Faircent, operated by Fairassets Technologies Pvt Ltd, allows its users to 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.
In January 2015, the Gurgaon based company had raised an undisclosed amount of angel funding from promoters of Fusion Microfinance, Devesh Sachdev and Ashish Tiwari. This angel funding round got company’s valuation at USD 4 million, as reported by ET.