RBI Grants NBFC-P2P Certification to Cashkumar
According to a recent Morgan Stanley report, Indian P2P lending industry is estimated to cross the $4 billion mark by 2021. Owing top such pleasing industry forecast, along with the additional support schemes & initiatives from the Government, the fintech players in India have garnered a lot of momentum. In this light, Cashkumar, one of India’s leading P2P lending companies, announced that it has been granted the NBFC-P2P license from RBI (Reserve Bank of India). With this, Cashkumar joins the list of the very few fintech firms who hold the NBFC-P2P accreditation. Post this, the company focuses on providing loans between 20,000-100,000 with tenures of 3-12 months and offering only to salaried individuals.
Commenting on the occasion, Dhiren Makhija, Co-Founder, Cashkumar, says “Despite being a more recent entrant in this space, the fact that we are among the first few firms to have received the license (CoR) from RBI is an acknowledgement of our strong business model, systems, processes and regulations that we have put in place. Our recent seed round of 5 Crores, has helped us scale operations and now with the licence (CoR) from RBI, we will focus on further strengthening of our credit underwriting and technology”.
Founded in 2016 by Dhiren, Kannan Kandappan and Yogesh Joshi, Cashkumar is a leading P2P lending company with 200,000+ applicants and more than 1300 loan disbursals so far, amounting to over 6 crores. With this RBI license in place, Cashkumar will widen its operations to grow to 10000+ lenders and target loan disbursals worth 45 crores by end of FY 2018-19.
“This licence will also help in instilling confidence amongst lenders which in turn will help scale our lender base. Our customer centric approach will continue to emphasise on introducing technology-led innovations and making financial borrowing for salaried individuals an easy and fast task,” adds Dhiren.