Faircent Company Introduction

Fairaseets Technologies is the parent company of Faircent and is responsible for operating the Faircent.com portal (a virtual P2P lending platform) and mobile application. As a centralized platform, the company brings together individual borrowers and lenders for unified loan transactions without the intervention of traditional financial institutions such as banks and non-banking financial companies.

Faircent Main Features

Faircent ’s main features include a bidding engine that helps users discover interest rate information ; a matching technology that connects potential borrowers and lenders based on their respective needs ; and a borrower index based on the purpose, amount and term of the borrower’s loan.

Faircent Platform Function

The role of the Faircent platform is to assess whether the borrower is suitable for borrowing on the P2P platform:

1. Actually verify the borrower’s work and residential address;

2. Verify income proof, repayment ability, past performance, stability and willingness to repay;

3. Faircent evaluates each borrower and establishes 120 criteria through 400 data dimensions , including financial situation, professional, social and educational background, loan record, etc., and only selects the borrowers who best meet the loan conditions. All information about each borrower is shared on the loan page so that lenders can make decisions.

Faircent transaction process

To ensure that every fund transfer transaction on the platform is safe and fast, Faircent has opened a lender escrow account under the custody of IDBI Bank. Lenders will get a virtual account number under the escrow account with an IFSC code . They transfer the amount they want to invest through Faircent to this virtual account. Once their loan transaction with the borrower is completed, Faircent will transfer the money from the escrow account directly to the borrower's bank account.

Lender Qualification Requirements

Borrower qualification requirements

Collection process

If a default occurs, the collection process is as follows

1) The office collection team communicates with defaulting borrowers and uses telephone and SMS collection methods;

2) Let a legitimate collection agency follow up;

3) Sending lawyer’s letter;

4) Collection is carried out by legal collection agencies.

Lenders can view all the processes after logging into their accounts. Faircent only provides automatic collection services for unrated borrowers. Defaulting customers will be blacklisted. The cost of sending lawyers' letters and collecting debts from intermediary companies shall be borne by the lenders themselves.

Faircent Financing

In January 2015, it received US$4 million in angel round financing.

In June 2015, it received US$250,000 in seed round financing.

In August 2016, it received US$1.5 million in Series B funding led by Brand Capital.

In December 2016, it received strategic funding from Microsoft Accelerator Bangalore, the amount of which was not disclosed.

In December 2017, Faircent completed a B+ round of financing of Rs 250 million, led by Incofin Investment Management. Participants included JM Financial, 3one4 Capital, M&S Partners Pte Ltd and Aarin Capital, which had previously invested in the company, as well as new investors MUTHOOTFINCORP, EIP, Das Capital and Starharbor AsiaPte Ltd.

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