Monexo Fintech (P) Ltd, one of India’s leading peer-to-peer (P2P) lending platform, announced receiving NBFC-P2P certification from the Indian banking regulator. The accreditation makes Monexo Fintech one of the forerunners in the sector to get the certification.
India’s P2P lending platform’s growth is being largely driven by the increasing penetration of digital transactions, fintech innovations, and the increasing demand for affordable credit.
The RBI certification, at this juncture, will propel Monexo Fintech to gain traction in financial markets and help strengthen the confidence amongst its investor community.
The company is also 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.
Speaking on the development, Mukesh Bubna, CEO and Founder, said, ‘We are very pleased to receive the NBFC-P2P certification by RBI. It is an important milestone for us as a team. The certification further reinforces our commitment for technology led financial inclusion for every Indian. ‘
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. Monexo Fintech’s platform presently has 1,00,000 registered borrowers and 4,000 registered lenders. Cumulatively, the platform has facilitated loans worth Rs20cr till date. P2P lending is projected to be worth $4-5bn by 2023; the sector’s recent inclusion into the larger regulatory ambit has put it on an exponential growth trajectory.