Leading online peer-to-peer (P2P) lending platform Faircent.com has tied up with Cube Wealth, an online financial planning and wealth creation firm to enable members of the advisory platform to invest directly on the P2P lending platform. This arrangement will increase the range of investment products for the portfolio of Cube Wealth’s mid to high-income members looking to maximise their returns. Satyen Kothari, founder and CEO of Cube Wealth, hopes to bring ease, simplify financial planning and make it jargon-free for individuals with an annual income of Rs 10 lakh and above through this association with India’s largest NBFC-P2P platform.
Faircent.com, leading NBFC-P2P, said loan disbursements to borrowers from Tier-3 cities tripled (32 per cent of total disbursement) and number of loan reciepents from Tier-2 cities nearly doubled during the last financial year. P2P companies in India are trying to bridge the credit gap between borrowers who might not be able to produce the required set of financial records to avail bank loan, but who are capable of repaying their loan and banks. There are currently 5.5 lakh registered borrowers and 87,000 registered lenders (Rs 55 crore disbursed till date) on the online P2P lending platform.