Faircent is an Indian P2P platform established in July 2014. The official website shows that it is aimed at independent investors with risk identification capabilities. Faircent is an intermediary agency that connects borrowers and lenders. It is not responsible for the borrower's default and does not bear the lender's losses. There are sufficient risk warnings in many places on the Faircent official website.
The main functions of Faircent are:
The role of the Faircent platform is to assess whether the borrower is suitable for borrowing on the P2P platform:
1. Actually verify the borrower’s work and residential address;
2. Verify income proof, repayment ability, past performance, stability and willingness to repay;
3. Faircent evaluates each borrower and establishes 120 criteria through 400 data dimensions, including financial situation, professional, social and educational background, loan record, etc., and only selects borrowers who best meet the loan conditions. All information about each borrower is shared on the loan page to facilitate lenders’ decision making.
Faircent's financing process:
In January 2015, it received US$4 million in angel round financing.
In June 2015, it received US$250,000 in seed round financing.
In August 2016, it received US$1.5 million in Series B funding led by BrandCapital.
In December 2016, it received strategic financing from Microsoft Accelerator Bangalore, the amount of which was not disclosed.
In December 2017, Faircent completed a B+ round of financing of 250 million rupees, led by Incofin Investment Management. Participants included JMFinancial, 3one4Capital, M&S Partners Pte Ltd and Aarin Capital, which had previously invested in the company, as well as new investors MUTHOOTF INCORP, EIP, Das Capital and Starharbor Asia Pte Ltd.
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