India-based peer-to-peer lending marketplace platform Faircent announced a data and solutions initiatives-based partnership with global credit and information management solutions provider TransUnion, The Economic Times reported yesterday (Aug. 10).
The deal will make Faircent the first P2P lending marketplace to leverage TransUnion’s data capabilities, analytics and technology, the company said in a statement seen by The Economic Times.
According to the statement, Faircent will also utilize TransUnion’s ability to map out potential borrowers in real time based on various identity points. The technology, which is an Aadhar based eKYC module, will reportedly help to streamline the process of identifying borrowers and reduce the amount of verifying documents consumers are currently required to submit.
“We are building [the] world’s first on-demand lending marketplace. Faircent’s vision is to fund a borrower in real time and with this alliance we are one step closer to that objective,” Rajat Gandhi, Faircent Founder and CEO, told The Economic Times.
Faircent’s P2P platform allows individual lenders to reach and work with both consumer and business borrowers directly, and usually at interest rates that are substantially lower than banks, the company confirmed.
The collaboration with TransUnion, which has a presence in more than 30 countries and stores the credit history information of upwards of 500 million consumers and businesses globally, may position Faircent lenders to better service on-demand loans and increase the access to credit within India significantly.
“Both Faircent and TransUnion share a common goal of bringing innovation to the financial and lending marketplace. This initiative is a testament on how both organizations are using information for good to bring access to credit to a growing middle class in India,” added Manish Jain, TransUnion General Manager in India.