No one could have predicted what 2016 had in store. From global shocks like Brexit and Trump to desi surprises like De-monetization, the year refused to end. The P2P lending sector kept waiting for the RBI regulations through the year and finally they should debut in 2017. 

Unfazed by the shocks or the surprises, Faircent.com, India’s largest P2P lending platform, continued to grow from strength to strength. In the last 12 months, we lent about Rs. 9 crore (out of a total disbursement since inception of Rs. 11 crores) to many happy borrowers with the support of our 6,000 registered lenders.

34% of our borrowers used their loan to expand and fund their businesses, creating more jobs and adding to the growth of our economy. 20% used it to consolidate their debts by accessing cheaper finance almost 5% used it to bring home a 2-wheeler or car. Many borrowers could fund medical emergencies, family events and undertake home improvement.

More than 90% of our lenders, earned 18% to 26% gross returns by investing across borrowers from various yield categories. As per month loan disbursement crossed 1 crore for the first time in August 2016, over 88% of borrowers made timely repayments with loss rates expected to range between 3% to 5% only.

While we continued to deliver high standard of customer service and satisfaction through the year, many new products & variants were launched and milestones achieved.

December: NASSCOM selects Faircent.com as part of NASSCOM Emerge50 2016 awarded to India’s most innovative Top 50 emerging IT product companies.

November: Faircent.com releases first-of-its-kind Research & Analysis report on P2P lending in India. Informative and insightful, the report provides data on how Faircent.com is bringing faster and cheaper credit to borrowers and helping lenders earn greater returns on idle funds.

October: Faircent.com becomes the first Indian P2P lending portal to introduce asset-based loans through it’s tie-up with Baxi, on-demand bike-taxi operator, to provide loans to their drivers to buy 2-wheelers.

September: Faircent.com amongst 13 start-ups selected for Microsoft India’s Accelerator program’s ninth batch. The 4-month programs focuses on start-ups with proven product-market fit and business traction.

August: Faircent.com raises USD 1.5 million funding from Brand Capital, the ad-for-equity investment arm of conglomerate, Bennett Coleman and Co (BCCL). Crosses the Rs. 1 crore per month loan disbursement mark for the first time.

July: Faircent.com acclaimed as the "Breakthrough Brand in finance" in the Interbrand Breakthrough Brands report 2016. We were the only P2P lending and alternative lending platform globally to make it to the list of Top 60 chosen by Interbrand, Facebook, NYSE and Ready Set Rocket from 200 global brands nominated. The only 2 other Indian brands were Zomato & Paytm.

June: Faircent accepts interns from India’s premier management institute – Indian Institute of Management (IIM), Indore. The graduates spent 6 weeks at our Gurgaon headquarters gaining experience across various departments from Underwriting & Risk management to Sales and Product.

May: Faircent.com finalizes a deal for diluting 9.84% of its stake to JM Financial Products Ltd., a subsidiary of JM Financial Ltd. 

April: RBI puts out consultation paper on peer-to-peer lending. The paper proposes NBFC status for P2P lending platforms. Faircent.com has been actively asking for prudent regulations that consider interests of all stake-holders and provide a boost to this sector while safe-guarding interests of all.

March: Faircent features on NDTV Unicorn and reaches the finale of the Unicorn Awards 2016. The show chases the start-up dream by showcasing companies which have a unique business plan and the capacity to be the next Unicorn amongst start-ups in India. 

February: Faircent.com becomes the first Indian P2P lending platform to launch mobile app for it’s lenders enabling them to fund borrowers in real time. Over the year, the app was regularly updated with new features and variants to smoothen the transaction process for its lenders.

January: Faircent selected as top 35 startups at PM Modi's "Start-Up India Stand-Up India" program. A firm believer in the government’s Digital India movement, through the year we launched tech-enabled process like virtual loan agreements, e-Repay or faster movement of funds through NACH and auto-debit facilities etc to facilitate transactions on the platform.

Recognition from the industry as well as global giants like NYSE and Facebook, have motivated us; especially as we ushered the new year with a bang. On January 1, Times of India named Faircent.com as the Top Start-Up to watch for in 2017. While we rejoice at this validation of our hard work and commitment, we hope to make the year to come bigger and better than the year that was.