Rohit Gajbjhiya with Maharashtra CM Devendra Fadnavis

The process of lending and borrowing money from peers to meet the crucial demands is not new in the financial system. But with the evolution of the banking system, people have slowly moved away from it. Around a decade back, Peer to Peer(P2P) Lending platforms emerged with the advent of technology. The idea was simple–to allow investors to lend money to borrowers at lower interest rates. Not only this, it also acted as a quicker and hassle-free medium to access loan for anyone, at any time. As the P2P model was seen as a driving force in the financial ecosystem of many developed countries, yet many economies lagged behind in implementing it successfully. One such scenario was seen in the Indian financial system. Almost a majority of the population lacked access to basic savings and credit borrowings as banks were not able to analyze acustomer's personal and social data at the time of availing loans,which led to higher loan rejection.

This soon came into notice of the five passionate IIT and IIM graduates Rohit Gajbhiye, Debi Prasad Baral, Sunit Gajbhiye,

Aman Gupta and Naveesh Reddy. The quintet having worked across the diverse area of finance, marketing, data science, artificial intelligence and technology decided to cumulate their rich experience and create a platform that manages to reduce the economic disparity and impact the lives of the millions through financial inclusion. That’s when the idea of Financepeer – an AI-based Peer to Peer(P2P)Lending Platform was born.

"Financepeer has already raised a funding of $500,000 and with a team of 20+ employees envisages being at the forefront of the P2P Fin- Tech revolution"

“India is one of the fastest growing economic hubs in the world. Right from an individual to business all are focused in fulfilling their basic needs and are looking out for money that can be available at their disposal instantly. Foreseeing the dire necessity, we decided to set our footprints into the amplifying P2P lending space and act as a mediator between the lender and the borrower,” says Rohit.

Located in the Fin-Tech capital, Mumbai, Financepeer’s core vision is to assist the common man in getting easier access to credit. Designed to cater to the financial needs of the self-employed, entrepreneurs and salaried individuals, the platform addresses their financial requirements through a highly secured and digitalized medium. It also assists in connecting the borrowers and lenders along with ensuring a secured loan transaction between them. Financepeer's core offerings

include Personal Loan, Home Loan, Debt Consolidation, Vehicle, and business loans.

Unique Proprietary Model
Financepeer through its technology-enabled platform not only tries to increase the cash flow of the liquidity but also reduces the existing economic disparity. Rohit mentions,“Our platform uses an algorithm to quantify the risk and this, in turn, allows the individuals and institutions to invest in people instantly. ”Financepeer on behalf of the respective client, analyses the age of the borrowers, their demographic data, and collects the rest detail - all through its analytic platform. The platform even gets the KYC done and approves the loan amount in just ten minutes.

As a beneficiary for both the lenders and borrowers, the platform seeks to restore the interest balance by providing favourable rates. The robust AI-technology renders the lenders an alternative investment product which ensures high return compared to fixed deposit or equity.

Financepeer has already raised a funding of $500,000and with a team of20+ employees envisages being at the forefront of the P2P Fin-Tech revolution. The platform has applied for NBFC P2P license with the RBI. Currently, doing a business of around two crores per month,the company expects to grow by 30 crores with focusing more on loan products. Moving ahead, it plans to expand across major cities of Chennai, Ahmadabad, Pune, Hyderabad, Bangalore, and others.