Faircent, a peer to peer lending platform, was founded in 2013 by Rajat Gandhi, Vinay Mathews and Nitin Gupta. The startup provides a platform where borrowers and lenders connect directly through which borrower get lower rate of interest and lenders get higher rate on savings.
As per a latest report Faircent, has tied up with Baxi, which runs an on demand bike taxi service, to provide easy access of two-wheeler loans to Baxi drivers. Faircent’s maiden venture into auto loans would enable Baxi drivers to fund their two wheelers by registering and seeking a loan through the platform. With this product, lenders registered on Faircent now have an additional investment product.
Baxi was founded at the start of 2015 itself by Ashutosh Johri and Manu Rana, of IIT Delhi. Prior to Baxi, Johri led IT services firm Mara-Ison Technologies, while Rana served as chief product officer at IgniteWorld.
Speaking about the development, Vinay Matthews, COO and founder, Faircent mentioned,
“In order to provide newer product offerings and tap the underserved two wheeler loan market, we have tied up with Baxi. The on demand bike taxi market of India can further flourish if funds are easily available to drivers. This serves better with our goal to provide easier access to credit and lead the way in democratizing financial services around the globe,”
Through these products Faircent has introduced loans against collateral for its lenders. Faircent.com is in fact planning to introduce a series of asset-based investment products by exploring similar options with other large businesses to extend trade advances to their channel partners – retailers as well as distributors.