The Reserve Bank of India (RBI) has granted Non-Banking Financial Company (NBFC) license to two more fintech startups.
RupeeCircle and IndiaMoneyMart are the two start-ups based out of Mumbai who have received the RBI license to operate as peer to peer lending platforms.
The apex body has already issued licence to 11 P2P lending platforms last year.
Since then, it disbursed over 560 loans and has around 12000 registered borrowers. It also has over 1000 lenders on its platform.
RupeeCirlcle began its operations in 2017. So far it has disbursed Rs 2 crore of loans to underbanked persons. More than 5000 borrowers are registered on the platform already.
The platform is supported by Mahindra Finance, Oracle Global Startup Ecosystem and others who invested Rs 5.5 crore into the company.
P2P lending licence platforms enable individuals to connect with lenders but cannot disburse loans from its’ own book. These platforms are licensed under a separate category of NBFC. These entities are allowed to restrict its lenders and borrowers to a limit of Rs 10 lakh of total exposure in the space.