peer to peer lending examples in india
kyronauthorPeer-to-Peer Lending Examples in India
Peer-to-peer (P2P) lending has become a popular alternative source of financing in recent years, particularly in developed countries such as the United States and the United Kingdom. However, the concept of P2P lending is not new, and it has been making its mark in emerging economies like India. This article will explore some of the successful P2P lending examples in India and how they have contributed to the growth of the fintech sector in the country.
1. Lendable
Lendable is one of the earliest players in the Indian P2P lending space. Launched in 2014, the platform connects borrowers with investors who provide financial assistance to small and medium-sized businesses. Lendable's innovative approach to P2P lending includes the use of artificial intelligence and machine learning algorithms to assess the credit risk of borrowers and allocate capital effectively. The platform has successfully completed over $100 million in loans and has a loan book value of $30 million.
2. Locket
Locket, launched in 2016, is another successful P2P lending platform in India. The platform aims to provide quick and easy access to loans for small and medium-sized businesses. Locket uses a combination of big data, machine learning, and AI to assess the credit risk of borrowers and provide personalized loans. The platform has successfully completed over $150 million in loans and has a loan book value of $40 million.
3. Cashsuks
Cashsuks, launched in 2017, is a P2P lending platform that focuses on micro-loans for small businesses and entrepreneurs. The platform uses a combination of social data and financial information to assess the credit risk of borrowers and provide loans. Cashsuks has successfully completed over $50 million in loans and has a loan book value of $15 million.
4. Borrowell
Borrowell, launched in 2017, is a P2P lending platform that aims to provide affordable loans to students and young professionals. The platform uses big data and AI to assess the credit risk of borrowers and provide personalized loans. Borrowell has successfully completed over $10 million in loans and has a loan book value of $3 million.
The examples of successful P2P lending platforms in India demonstrate the potential of this financing model in the country. As the Indian economy continues to grow, the need for accessible and affordable financing options for small and medium-sized businesses, as well as students and young professionals, will only increase. As P2P lending platforms continue to adapt and innovate, they will play a crucial role in supporting the growth of the Indian fintech sector and providing much-needed financing to the underserved populations of the country.