New Delhi, , September 2018: India’s second largest Peer-to-Peer Lending platform, i2ifunding.comtoday announced that they have received Certificate of Registration (CoR) as NBFC-Peer to Peer Lending Platform (NBFC-P2P) from Reserve Bank of India.
i2iFunding.com Receives NBFC-P2P Lending Certification from RBI
RBI had issued Master Directions on in 2017. According to guidelines each player in Peer-to-Peer Lending platforms are required to register as Non-Banking Financial Company (NBFC-P2P).
i2iFunding.com is one of the pioneers of P2P Lending in India and has more than 80,000 registered users. It is backed by SucSEED Venture Partners and angel investors comprising industry veterans.
Raghavendra Pratap Singh – Co-founder of i2iFunding.com, 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.”
Vaibhav Pandey, Co-founder of i2iFunding.com, 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.”
Peer to peer lending in India is growing at fast pace and it is expected to become $4-5 billion industry by 2023. P2P Lending will give easy access to credit to millions of underserved population. RBI regulations will ensure that only registered and credible players are operating in this space, a boost for the sector.