Gurgaon, 28th April 2015
Faircent.com India’s largest P2P lending marketplace today announced its alliance with US based Yodlee (NASDAQ:YDLE), a leading cloud based technology and applications platform for digital financial services. More than 800 organizations in over 15 countries, including 9 of the 15 largest U.S. banks and hundreds of Internet services companies, use the Yodlee platform.
Faircent is the first P2P lending marketplace to align with Yodlee in Asia. Yodlee’sbank account aggregation technology would help Faircent leverage their proprietary algorithms to make efficient lending decisions for their customers.
Speaking at the occasion Rajat Gandhi, Founder & CEO of Faircent.com said “Faircent is disrupting the traditional banking behemoths in India through its unique cloud based technology driven marketplace.Integration with Yodlee is further going to strongly impact the way loans are processed and availed in this country”. Elaborating further Vinay Mathews, Founder & COO says “Our underwriting engines assess hundreds of data points and integration with Yodlee would reduce a significant amount time spent on processing loans to minutes.”
Faircent.com appraises hundreds of data points to evaluate the risk profile of borrowers on its platform which includes their social data from Linkedin, Facebook; financial data from their bank statements, credit card etc.This is where Yodlee’s technology comes in , they just need to connect their bank account and the need to submit any physical bank documents is no longer required unlike a bank which requires physical bank documents at the time of loan application.
Faircent.comhas enabled individual lenders to directly lend money to consumer and business borrowers at interest rates much lower than banks. In addition to its dynamic auction engine which helps in transparent interest rate discovery, Faircent’s unique platform indexes borrowers and lenders. Simultaneously, it empowers borrowers to accept or reject loan offers from multiple lenders.
About Faircent.com
Headquartered in Gurgaon, Faircent.com is India’s largest peer to peer lending website which started operations in since July 2014. It caters to retail and business loan applicants.
Faircent.com is conceptualised as a marketplace for borrower and lenders to connect directly.At Faircent.com people who have spare money lend it directly to people who want to borrow. Without any associated huge overheads of traditional lending FairCent creates a win-win deal for lenders and borrowers.
Peer to peer lending isheralded asone of the most innovative financial products of recent times. It enables creditworthy borrowers to lower their cost of loans and facilitates individual lenders/ investors to lend directly to their peers and community thereby earning higher returns.
Faircent.com in its nascent history has garnered recognition from the Industry – It was selected for the first batch of NASSCOM 10,000. It is part of the Microsoft BizSpark programme and was one of the top 10 companies from India to be selected for Web Summit in 2013.
Faircent.com’s unique platform allows for:
Auction and Reverse Auction Faircent has a bidding engine which helps borrowers and lenders in interest rate discovery, multiple lenders bid for borrowers and each borrower has the power to accept or reject an offer.
Indexation Faircent indexes borrowers based on their purpose of loan, amount and tenure similarly it indexes lender requirements on amount to invest and expected return on investments. Faircent’s dynamic algorithms ensure that the right fit is done.
Aggregation Peer to peer lending platforms use internet based technologies to aggregate borrowers and lenders. Faircent uses sophisticated match making technologies to connect prospective borrowers and lenders as per their respective requirements.
The benefit to consumer are:
Transparency of Rates:Faircent’s proprietary reverse auction technology empowers the borrowers to avail the lowest interest rate in a transparent manner. It also allows lenders to choose borrowers as per their risk appetite and desired return on investments.
Reduced Costs: Faircent helps borrowers reduce costs as it disintermediates the banks and connects borrowers directly to individual lenders.
Increased returns:OnFaircent the lendersare able to earn higher returns than what banks offer on monies parked in savings account.
The company is promoted bysenior internet professionals Rajat Gandhi, Vinay Mathews and Nitin Gupta. Amongst themselves, they have experience in building large Internet businesses and listing them on NASDAQ.
About Yodlee®
Yodlee (Nasdaq:YDLE) is a leading technology and applications platform powering dynamic, cloud-based innovation for digital financial services. More than 800 companies, including 9 of the 15 largest U.S. banks and hundreds of Internet services companies, subscribe to the Yodlee platform to power personalized financial apps and services for millions of consumers. Yodlee solutions help transform the speed and delivery of financial innovation, improve digital customer experiences, and deepen customer engagement.
Yodlee is headquartered in Redwood City, CA with global offices in London and Bangalore. For more information, visit www.yodlee.com