Peer-to-peer lending platform Faircent has raised $4 million in a Series B round of funding from Belgium based impact investor Incofin Investment Management.
The round also saw participation from non-banking finance company Muthoot Fincorp, NY based Elevate Innovation Partners, Japanese investment fund Das Capital, and Singapore-based early-stage investor Starharbor Asia Pte Ltd, a press release by the company stated.
Its existing investors JM Financial Services, 3one4 Capital, Aarin Capital and M&S Partners were also present in the funding round.
Founded back in 2013, by Rajat Gandhi, Vinay Mathews and Nitin Gupta, the Faircent marketplace connects curated and verified borrowers and lenders.
The company had earlier raised around $2.08 million.
“These are exciting times for P2P lending in India and the fact that the RBI has come out with progressive guidelines for the sector is a great validation of this business model. Moreover, with P2P lending, the financial market is all set to witness the creation of a totally new asset class,” Rajat Gandhi, founder and chief executive of Faircent stated.