Monexo Fintech gets RBI certification for P2P biz12 July, 2018
Monexo Fintech (P) Ltd, on Thursday, said it has been granted the NBFC-P2P certification by the RBI for operations in India.
The accreditation makes Monexo Fintech the third P2P platform in the sector to get the RBI certification, the company said in a press release, adding it is growing at a 300 per cent year-on-year rate.
Peer-to-peer (P2P) lending platforms have been growing in India, largely driven by the increasing penetration of digital transactions, fintech innovations and rising demand for affordable credit. The RBI certification will help Monexo Fintech gain traction in financial markets and strengthen confidence among its investor community.
The company is 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, said Mukesh Bubna, the CEO and Founder.
P2P lending is slowly 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.
Currently, Monexo Fintech’s platform has one lakh registered borrowers and 4,000 registered lenders. Cumulatively, it has facilitated loans worth ₹20 crore so far. P2P lending is projected to be worth $4-5 billion by 2023.