Faircent.com, a peer to peer lending platform catering to retail and business loans, has launched mobile application for lenders. With this it has become the first and the only Indian peer to peer lender to come out with such an application which allows lenders to lend money to borrowers on the go.
Designed to give its customers an enhanced experience and quick access to lending, Faircent app allows lenders to consult among themselves and even track each other. A lender can also track his individual portfolio and returns using the app.
The Faircent app is available for free download on Google Play store and company also plans to launch similar version of the app for iphone users shortly.
Peer to peer lending, which is still at its budding phase in India, is already a prospering industry in the developed markets such US, UK and China giving stiff competition to banks and traditional lenders. In US market alone the industry is valued over $20 billion and expected to $150 billion by 2025.
Faircent.com, which started its operations in 2014, is already a pioneer in the Indian peer to peer lending market with over 5,000 and 20,000 registered lenders and borrowers respectively and has disbursed a total loan of Rs 2.5 crore in less than 14 months.
“Faircent has always been the pioneers in using technology and innovation in the most effective manner to enhance productivity. Our mobile application will give customers faster connectivity, better analytics, thereby creating a world-class experience, ” Bejoy Varghese, chief technology officer, Faircent.com .
Disha Roy, Product Head, Faircent.com said “With the rapid rise in smartphone ownership in India, preferences of customers are gradually shifting towards mobile app based solutions. Apps give you connectivity on the go, therefore requirements can be met and solutions can be provided at a real time basis. Our mobile app launch is a big leap which will change the dynamics of our industry going forward.”