Faircent.com India’s largest peer to peer lending marketplace today announced its alliance with US based Yodlee, a leading cloud based technology and applications platform for digital financial services. Faircent is the first peer to peer lending marketplace to align with Yodlee in Asia. Yodlee’sbank account aggregation technology would help Faircent leverage their proprietary algorithms to make efficient lending decisions for their customers. (Also read: Ratan Tata picks up stake in Xiaomi)
“Faircent is disrupting the traditional banking behemoths in India through its unique cloud based technology driven marketplace. Integration with Yodlee is further going to strongly impact the way loans are processed and availed in this country,” Rajat Gandhi, Founder & CEO of Faircent.com said. Yodlee platform is used by more than 800 organizations in over 15 countries, including 9 of the 15 largest U.S. banks and hundreds of Internet services companies.
Faircent.com appraises hundreds of data points to evaluate the risk profile of borrowers on its platform which includes their social data from Linkedin, Facebook; financial data from their bank statements, credit card etc. This is where Yodlee’s technology comes in , they just need to connect their bank account and the need to submit any physical bank documents is no longer required unlike a bank which requires physical bank documents at the time of loan application.
“Our underwriting engines assess hundreds of data points and integration with Yodlee would reduce a significant amount time spent on processing loans to minutes,” Vinay Mathews, Founder & COO elaborated.
Faircent.com has enabled individual lenders to directly lend money to consumer and business borrowers at interest rates much lower than banks. In addition to its dynamic auction engine which helps in transparent interest rate discovery, Faircent’s unique platform indexes borrowers and lenders. Simultaneously, it empowers borrowers to accept or reject loan offers from multiple lenders.