Finzy Receives NBFC-P2P Certification from the Reserve Bank of India
by Shrutee K/DNS
Bengaluru: Finzy, India’s fastest growing peer to peer platform has received
its NBFC-P2P certification from the Reserve Bank of India (RBI). The P2P industry
being regulated ensures that only players who adhere to specific standards of
operations and stringent information security guidelines are allowed to
function. This helps build the credibility in the industry as a whole.
On
receiving the certification, Amit More, Founder & CEO, Finzy said – “The P2P-NBFC license is
a validation of our strong business processes, Info security standards and
compliance to the RBI guidelines. This is a very important milestone in
enhancing our trust to investors and borrowers on Finzy. The application review
process RBI adopts is extremely thorough. We had to submit information spanning
from company’s detailed policies, info security policies, business plans to
personal and professional details of each of the directors. We are proud to
have received the Certificate of Registration within a year of commencing our
operations.”
Finzy
would now be compulsorily required to maintain specific networth, meet set
prudential and leverage norms, have a fit and proper board at all times and
ensure fair and transparent operating principles in conduct of it business.
Finzy would also have to contribute repayment track record of each and every
loan to CIBIL on a periodic basis. This would ensure more information for all
other banks and NBFCs to take informed credit decisions and will also ensure
better repayment discipline from borrowers through the P2P platform.
“Our
focus on customer experience, the proprietary credit assessment algorithm and a
secure digital platform has allowed us to achieve ZERO defaults in EMI
repayments in our first year of operations, thereby building trust with all our
stakeholders. The Certificate of Registration from RBI is further vindication
of our processes. We were already 90% compliant with Master Directions on the
day it was published, for example we already had escrow accounts set-up for our
transactions. This enabled us to quickly make changes to adhere to the
remaining guidelines and we were in fact the first to apply for the license in
India,” said Abhinandan Sangam, Co-founder & CTO, Finzy.
Finzy’s
goal is to make Finance Easy and it helps connect verified borrowers looking
for an affordable personal loan with investors looking to invest in a new risk
optimised asset class through a proprietary credit assessment algorithm and
granular diversification. With a very focused
customer centric approach, Finzy has had zero defaults in EMI repayments in its
first year of operation, till date. With providing an average of 15.5%
plus returns to the lenders consistently, Finzy plans to enter other Tier 1
cities in India this year.
In early
April, Finzy had raised USD 1.3 million in first
round of Pre Series A from investors in the industry and are expecting to
complete the second round later this month with pre-identified set of
investors.
About Finzy
Finzy,
a product of Bridge Fintech Solutions Pvt. Ltd.(incorporated in 2016) is
a peer to peer lending platform with the primary objective of making finance
easy for the people. Commencing its operations in 2017 in Bengaluru, Finzy
helps connect verified borrowers looking for an affordable personal loan with
investors looking to invest in a new risk optimised asset class through a
proprietary credit assessment algorithm and granular diversification. Quick,
easy, flexible, transparent, security and privacy – these are the factors that
constitute Finzy and its work principle. For more details, please visit - www.finzy.com
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