- Becomes one of the first peer to peer lending companies to receive the certification
The Platform will now be able to report loan data to all credit bureaus
- It will help fight legal battle to recover back lender’s money
Mumbai, July 20, 2018: LenDenClub an online Peer-to-Peer lending marketplace for salaried borrowers has received its Certificate of Registration (CoR) from the Reserve Bank of India (RBI), thus officially establishing itself as an NBFC-P2P. The company was one of the first 3 players to start operations in India.
Commenting on the same, Spokesperson, Mr. Bhavin Patel – CEO of the company, LenDenClub said, “Registration as NBFC-P2P was one of the most important stepping stone for us. This is the altogether different era for us compared to the time when we started with the hope to be regulated one day. This will help us establishing LenDenClub brand more strongly as this will boost lenders’ confidence.”
LenDenClub was incepted in 2015 in Mumbai, India, and actively spent time researching and developing a process that allowed for convenient and efficient P2P lending for the Indian economy. The company has meticulously designed its process to ensure regulatory compliance, customer convenience, transaction transparency, and repayment support to create a business model that the company intends to use to make itself the market leader in the nascent P2P lending sector in India. Currently, the company is present in 5 cities across India; the NBFC-P2P plans to enter more cities in the near future; resulting in a Pan-India presence.