LenDenClub, a peer-to-peer (P2P) lending network, has raised $10 million in Series A funding.
Founded in 2014 by Bhavin Patel and Dipesh Karki, the Mumbai-based platform now claims to have over 2.5 million borrowers and one million investors/lenders across India, with loan disbursements totaling over Rs 2,000 crore, with Rs 1,200 crore in the first six months of FY21-22 alone, representing a 1,900 percent increase.
InstaMoney for salaried clients and small business loans for merchants and shopkeepers are its two main products.
Commenting on the funding Bhavin Patel, Co-founder and CEO, LenDenClub. said “We have been constantly inventing products that yield greater returns for our investors and democratising credit while offering market competitive rates for our borrowers. Futuristic, customer centric-products and seamless digital experience offered by our platform backed by a focused market expansion approach, is what has aided the exponential growth of LenDenClub. The aim is to accelerate growth while maintaining profitability on operations,”