The peer-to-peer lending platform, Faircent, has announced the launch of a co-lending platform Faircent Pro for NBFCs and institutional lenders. The cutting technology solution offered by Faircent will enable co-lending to borrowers who are pre-qualified who are selected on the basis of their preferred parameters.
The neo lending platform offers lower costs with online available, fully automated tech. The tech stack enables millions of transactions, open API collaborations, cloud computing and scalable tech architecture. It also provides credit appraisal, operational management, reporting & analytics, collection & recovery among other features.
Talking about the launch, Vinay Mathews, founder & COO, Faircent said, “The co-lending platform is quicker, simpler and cheaper. With advanced technologies, Faircent Pro will let NBFCs and institutional lenders invest together by lending money to the same borrower. The completely digital process will bring down the lending costs drastically. It will benefit the lending ecosystem and make it more organized.”
Faircent is one of India’s largest peer to peer lending websites, which caters to retail and business loans. The online platform has enabled people to borrow and lend money independent of any intermediary like a bank, etc. Along with simplifying access to credit for individuals, Faircent has radically improved the access to finance for SMEs by facilitating loans and reducing costs by connecting them to individual and institutional lenders.