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P2P Lending Firm Monexo Fintech To Raise $5 Million in Equity

6Jul By Gauri SinghNo Comments

FUNDING

P2P Lending Firm Monexo Fintech To Raise $5 Million in Equity

P2P money lending marketplace Monexo Fintech plans to raise an amount of $5 million in form of equity. The company plans to invest these funds in IT and infrastructure, which require spontaneous capital addition in the initial stages of any online business. Mukesh Bubna, the founder and CEO of the company said that they are looking for a strategic patient capital. Patient capital means those investments in which investors do not seek quick returns. The company had also received the license from RBI to operate an NBFC-cum-P2P lending platform last Friday. This type of lending platform allows the people to borrow and lend money without the need of any financial institution as a mediator. “We have begun talking to investors. With the RBI regulation in place, there is much more positivi...

4Apr By Sheldan RungasamyNo Comments

FUNDING

Peer-to-peer Lending Platform Raises $1.3 Mn Funding

Finzy, a peer to peer (P2P) lending platform, announced that it received a first round of pre Series A funding worth $1.3 million from investors in the lending industry. The next round of this Series A funding is projected to complete with additional investments from a pre-selected group of investors in the coming 2 months. The capital raised from the funding will serve the purpose of improving technology, simplifying and facilitating the process of lending money and building a good team for the company. However, it has been pre-decided that a major chunk of the funding will be used to expand the reach of the company especially in Tier 1 cities as Finzy is looking to provide its services to a larger client base. Finzy is an online lending platform that specializes in providing easy, ...

8Jun By Press Trust of IndiaNo Comments

INDIA

Indian Banks to start charging for P2P payments on UPI

Nearly two years after operationalisation of the Unified Payment Interface (UPI), banks have started moving to charge for peer-to-peer payments on the new platform. Countrys largest lender State Bank of India has came out with charges with effect from June 1, while the second largest private sector lender HDFC Bank has also gone public with its rate structure which will be effective July 10. "So far, no bank is charging for UPI transactions but at the same time it is at their discretion to levy a reasonable fee towards Person to Person (P2P) transactions for UPI and IMPS," National Payments Corporation of Indias chief operating officer Dilip Asbe said in a statement. A senior NPCI official explained that worldover, charges are levied for such transactions and added that in case of...

Whatsapp Will Launch P2P Payment Service in India

4Apr By reutersNo Comments

News

Whatsapp Will Launch P2P Payment Service in India

Instant messaging app WhatsApp, owned by Facebook Inc, is mulling a foray into digital payment services in India, its first such offering globally, and has advertised to hire a digital transactions lead in the country. A WhatsApp move into digital payments in India, its biggest market that is home to 200 million of its billion plus global users, would replicate similar moves by messaging apps like Tencent Holdings Ltd's WeChat in China. WhatsApp is working to launch person-to-person payments in India in the next six months, news website The Ken reported earlier on Tuesday, citing unnamed sources. A job advertisement on WhatsApp's website said it was looking for a candidate with a technical and financial background - who understands India's Unified Payments Interface (UPI) and the ...

Looking For a Loan For Your SME or Startup, Try Cash Suvidha

1Feb By NitishNo Comments

Story

Looking For a Loan For Your SME or Startup, Try Cash Suvidha

It would not be an exaggeration to state that the SME sector is one of the most critical contributors to the growth of the Indian economy. In spite of its large size, and the vital role it plays in the country’s economy, the Indian SME sector suffers on account of adequate financial access. Lack of awareness, poor access to banking services, outdated data models, etc, force small businesses to cope with an unhealthy financial environment. As a result, many small businesses either close shop or rely on very expensive and complicated financing, largely from the unorganized lending sector. INCEPTION AND TEAM Started in April 2016 in Delhi, Cash Suvidha has onboarded over 3,500+ borrowers and Ticket size of loan is Rs 10,000/- to upto 3 Lakh. This online lending platform, was sta...

Looking for Alternative Investment Options – Visit i2iFunding.com

16Sep By NitishNo Comments

Story

Looking for Alternative Investment Options – Visit i2iFunding.com

Technological disruptions have not left financial sector out of its impact and India currently has several fintech startups developing out from its cocoon. Fintech startups mostly confined of online payment wallets and now online lending marketplaces. i2ifunding a Peer to Peer platform where an individual can borrow money at a desired rate of interest and an investor can lend to retail borrowers according to their interest rates. While P2P lending is still at a nascent stage in India, it is one of the leading means of financing in countries such as the US, the UK, Germany, China etc. and many p2p players have grown to become Billion dollar companies. It has been growing in leaps and bounds around the world, thanks to an increase in the internet penetration and tremendous acceptability of...

20May By AnkitaNo Comments

FUNDING

i2ifunding, Leading Peer-to-Peer Lending Platform Raises Angel Funding

i2ifunding , one of the leading peer to peer lending platforms in India, today announced that the company has secured Angel funding from a group of industry veterans. Company plans to utilize the fund towards technology expansion and also towards increasing its presence geographically. "We are delighted that this distinguished group of investors has chosen to support i2ifunding in our mission to increase financial inclusion in India by helping the borrowers access loans for various needs at lower than market rates and at the same time provide an alternative high return investment option to retail investors," said Vaibhav Pandey, the CEO of the company. "This investment could not have come at a better time as RBI has talked about 2 Cr capital requirement for P2P players in the concept pa...