July 12: Peer-to-peer lending platform Monexo Fintech has been accorded NBFC P2P certification by RBI for its operations. The accreditation makes Monexo Fintech one of the forerunners in the sector to get the certification, said the company.
India’s P2P lending platform’s growth is being largely driven by the increasing penetration of digital transactions, fintech innovations, and the increasing demand for affordable credit. The RBI certification at this juncture will propel Monexo Fintech to gain traction in financial markets and help strengthen the confidence amongst its investor community. The company is also the first P2P platform in India to provide investors with an escrow account, the option of auto-invest and an insurance cover with borrower job-loss protection.
According to Mukesh Bubna, CEO and Founder, “We are very pleased to receive the NBFC P2P certification by RBI. It is an important milestone for us as a team. The certification further reinforces our commitment for technology led financial inclusion for every Indian.”
P2P lending is slowing emerging as an alternative investment asset class in India. The tech led platform enables easy access to credit while giving high potential returns to investors.
Monexo Fintech’s platform presently has 100000 registered borrowers and 4000 registered lenders. Cumulatively the platform has facilitated loans worth 20 crs till date. P2P lending is projected to be worth $4-5 billion by 2023, the sector’s recent inclusion into the larger regulatory ambit has put it on an exponential growth trajectory.