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P2P lending market place Faircent ties up with Yodlee

Faircent.com recently
announced its alliance with US based Yodlee, a leading cloud based technology
and applications platform for digital financial services. More than 800
organizations in over 15 countries, including 9 of the 15 largest U.S. banks
and hundreds of Internet services companies, use the Yodlee platform.

Faircent.com recently
announced its alliance with US based Yodlee, a leading cloud based technology
and applications platform for digital financial services. More than 800
organizations in over 15 countries, including 9 of the 15 largest U.S. banks
and hundreds of Internet services companies, use the Yodlee platform.

Faircent is the
first P2P lending marketplace to align with Yodlee in Asia. Yodlee’sbank
account aggregation technology would help Faircent leverage their proprietary
algorithms to make efficient lending decisions for their customers.

Speaking at the
occasion Rajat Gandhi, Founder & CEO, Faircent.com, said, “Faircent is
disrupting the traditional banking behemoths in India through its unique cloud
based technology driven marketplace.Integration with Yodlee is further going to
strongly impact the way loans are processed and availed in this country.”

Vinay Mathews,
Founder & COO, Faircent.com, said, “Our underwriting engines assess hundreds
of data points and integration with Yodlee would reduce a significant amount
time spent on processing loans to minutes.”

Faircent.com appraises
hundreds of data points to evaluate the risk profile of borrowers on its
platform which includes their social data from Linkedin, Facebook; financial
data from their bank statements, credit card etc.This is where Yodlee’s technology
comes in, they just need to connect their bank account and the need to submit
any physical bank documents is no longer required, unlike a bank which requires
physical bank documents at the time of loan application.

Faircent.com has
enabled individual lenders to directly lend money to consumer and business
borrowers at interest rates much lower than banks. In addition to its dynamic
auction engine which helps in transparent interest rate discovery, Faircent’s
unique platform indexes borrowers and lenders. Simultaneously, it empowers
borrowers to accept or reject loan offers from multiple lenders.

Headquartered in
Gurgaon, Faircent.com, which started operations in since July 2014, caters to
retail and business loan applicants. Faircent.com is conceptualised as a
marketplace for borrower and lenders to connect directly. 

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