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Faircent.com receives the award for the most innovative fintech start-up in the P2P lending sector at The Economic Times BFSI Innovation Tribe Awards and Summit 2018

Faircent.com, India’s leading NBFC-P2P and largest P2P lending platform, was recently recognised as one of the most innovative fintech start-ups in the country.

ET Spotlight|
Oct 22, 2018, 10.47 AM IST
ET Spotlight
Faircent.com, India’s leading NBFC-P2P and largest P2P lending platform, was recently recognised as one of the most innovative fintech start-ups in the country, winning the award in the start-up category for its entry ‘P2P Lending: Delivering Banking to the Unbanked’, at The Economic Times BFSI Innovation Tribe Awards and Summit 2018. The win further highlights Faircent.com’s pioneering technology and domain leadership in the online P2P lending space, as well as the critical role it has played so far in increasing the rate of financial inclusion in the country. Organised around the theme, “Disrupt | Develop | Demonstrate”, The Economic Times BFSI Innovation Tribe’s maiden conference was held on September 20, 2018 at Hotel Sahara Star in Mumbai.

Established in 2013, Faircent.com introduced the concept of P2P lending in India, playing a critical role in extending the benefits of financial inclusion to India’s vast underserved populace including the SME/MSME segment. Till date, Faircent.com has disbursed more than INR 55 crore worth of loans, with 5+ lakh registered borrowers and 80,000 registered lenders. Faircent.com connects retail and institutional lenders to Individual borrowers through a unique crowdfunding model called peer-to-peer lending.

Commenting on the announcement, Vinay Mathews, Founder & COO – Faircent.com said, “When we ventured into the then new territory of peer-to-peer lending five years ago, to innovate was the only way to create a place for ourselves in a rapidly changing financial services market. From the very beginning itself, we have emphasised greatly on leveraging technology at every step of the way in order to drive a superior user experience and end-to-end functionality for both borrowers and lenders on the platform. Winning this award is a truly fulfilling achievement for the company, and further validates the uniqueness of our product and technology platform which we have painstakingly built for over five years. Being recognised for our efforts is a testimony to our technological leadership at Faircent.com, as well as the high quality of services and products we offer our users, while ensuring real value-addition for lenders as well as borrowers at various touch points.”

Faircent.com was the first platform in India to be certified as an NBFC-P2P by the regulatory body and is the largest in the country so far in terms of loan disbursals and borrower registrations. It was the first P2P lending platform in India to launch Android and iOS-based mobile apps for both borrowers and lenders, in addition to a highly user-friendly website. Faircent.com has integrated automation widely on its platform, and one such innovative tool offered by the platform is the Auto Invest feature, a fully-automated tool that matches a lender’s investment criteria with the borrower’s requirements and sends proposals on behalf of the lender to the borrower.

Faircent.com was the first to implement the escrow account under the trusteeship of IDBI to ensure fast and secure financial transactions. Also, the first platform to open its API platform for developers. This landmark development will enable new fintech entrants and offline businesses to leverage the company’s extensive and robust technological infrastructure to build new digital lending products, as well as to integrate existing solutions into their offerings. Recently Faircent.com integrated UPI with its payment gateway on the Lender dashboard, providing yet another layer of convenience to investors when transacting on the platform.

Faircent.com is committed to its position as the industry front-runner and leader in both business practices and thought. It aims to reach the maximum number of consumers and SMEs with its products and services and bolster innovation to stay ahead of the curve.

Envisioned as a platform for innovative start-ups, companies, and banking leaders to come together to discuss and deliberate the future amidst the current challenges and pressing issues in BFSI, the ET BFSI Innovation Tribe conference saw a grand inauguration, featuring an eclectic mix of panel discussions, keynotes, fire-side chats, case studies, inclusive session and felicitations this conference is just what the people need currently “feed for information”. The forum also saw industry players and experts offer important insights into new technologies and conversations that will lead the market to the next phase of innovation.

(This article is generated and published by ET Spotlight team. You can get in touch with them on etspotlight@timesinternet.in)
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