Mumbai: Peer-to-Peer (P2P) lending startup RupeeCircle on Thursday said it has been granted the Reserve Bank of India's (RBI) first non-banking finance company (NBFC)-P2P license of the new year.
The Mumbai-based RupeeCircle said in a statement that following the grant of RBI license, customers who have limited or no credit history will now be able to avail personal loans of up to Rs 10 lakh without any collateral.
"RupeeCircle's online Peer-to-Peer lending marketplace leverages machine learning and data science to connect borrowers with lenders looking forward to excellent returns on their investments," it said.
"Backed by a seed fund of Rs 55 million (5.5 crore) from Mahindra Finance, Oracle Global Startup Ecosystem and other marquee investors, RupeeCircle has been able to register 5000-plus customers over the last 6 months and aims to reach one million creditworthy unbanked individuals by 2025."
Commenting on the development, RupeeCircle Chief Executive Ajit Kumar said in a statement: "Our expertise in credit underwriting and analytics has allowed us to build a new age technology platform that captures 5000-plus data points to accurately assess credit risk."
Within one year of starting operations in 2017, RupeeCircle has disbursed loans worth Rs 2 crore to under-banked individuals, the statement added.