About Finance Peer:
It is a peer-to-peer lending company in India. We are a group of 5 co-founders from IIT and IIM having experience in finance and technology. We have already received funding of $400,000 for our company and are looking to raise the Series A investment now.”
To help the common man get easier access to credit. Right now, getting a loan from a bank is a very tiresome process. We have to manually submit documents and wait almost 2 weeks for the loan approval and disbursal. Sometimes, the loans are rejected for the borrowers not having a proper credit history.
We are looking to address all these points and serve the customer to get a loan approval in just 10 minutes. People having no credit history will also be eligible to take a loan with our proprietary technology.
The Government of India is actively promoting Fintech companies like ours with various programs in India. Recently, in a meeting with Maharashtra CM Devendra Fadnavis at the World Economic Forum, I was able to put across my vision to him and how it would help the people. We look forward to working with the various government departments to further serve the people’s needs.
About his journey:
I graduated from IIT Bombay and thereafter worked for DBS in Singapore. Even though all my dreams about my career were being fulfilled, I felt unsatisfied. It was then that I decided to start FinancePeer and do something that would have a direct positive impact on people’s lives.
I could raise funding from an angel investor who believed in our team. It has been a hectic and fun ride this past 15 months. Presently, FinancePeer is one of the top p2p lending companies in India.
Finance Peer’s offerings to the public:
FinancePeer is an online marketplace where we connect lenders and borrowers. Lenders are the people who give loans to the borrowers for a return on their investment. The great thing is this entire process hardly takes 10 minutes. We have proprietary algorithms that we use to rate the credit profile of the borrower and minimize the risk. We have more than 200 lenders and borrowers on our platform and this number is increasing every month.
Idea of starting Finance Peer:
I already had experience in the finance sector through working at DBS. There, I came across this exciting new field of P2P lending. P2P lending is worth more than 100 billion dollars currently. This number is expected to reach 1 trillion dollars by 2025. But the p2p lending market in India is hardly worth 100 million dollars and I expect the Indian market to grow to 6 billion dollars by 2024. We wanted to be at the forefront of this Fintech revolution that is happening all across the world.
FinancePeer’s head office is in Mumbai. We are looking to expand to five more cities in the next year such as Ahmedabad, Pune, Hyderabad, Bangalore and Chennai. So, Hyderabad is definitely in our plans. We look forward to coming to Hyderabad next year. In fact, one of our co-founders Naveesh Reddy is from Hyderabad and we have a personal connection to the place because of that.
Hyderabad Local wishes Rohit Gajbhiye and his team a very busy and fruitful season ahead!