Rupaiya Exchange, FinTech Startup with an innovative P2P lending portal
Rupaiya Exchange(Rx) is a peer to peer lending platform connecting borrowers and lenders. The platform acts as an Alternative source of financing for borrowers. It allows people to invest in each other in a way that is beneficial to both the lender and borrower.
The stringent shortlisting criteria of the traditional financial institutions leads to a void between the borrowers who ‘can’ be funded and who ‘are’ actually funded. The aim of Rupaiya Exchange is to fill this gap and cater to individuals or companies who have good profile but are untouched by the financial institutions.
The platform was founded in later half of November 2015 in New Delhi.
Starting Up
Founded by Rohan Hazrati, an experienced finance professional who, in his last assignment, served as CFO and Head Legal of a multi-billion organization working across multiple geographies. Having also worked with EY India and Grant Thornton, in their advisory practices, he has advised multiple clients across various industries and geographies.
The team comprises of professional underwriters, marketing manager and tech team – taking care of entire end to end processes of the venture.
In addition, the venture has experienced advisors on board who provide strategic inputs to the team.
How Rupaiya Exchange works?
Post registration at the Rx, a user can either become a borrower or a lender. Either way, the user needs to submit self-attested copies of required documents. The Reference Credit Rating is then assigned to all combinations of borrowers and loan listings. Rx leverages documents submitted and social media to assess risk, determine a credit rating and assign it.
The borrowers and lenders make the bids for the loan listings. The bids continue till the time the loan amount is completed or time period expires. Payments are made once the final loan documentation is complete
Payments and repayments are made directly between the borrower and lender which can be offline (through cheques) or through net banking. Registration is free at Rupaiya Exchange. The company only charges a fee on successful funding of loans.
For more on How Rx works, check out this video
Why use Rupaiya Exchange?
Rx is unique in its own way. The venture uses automated alternate scoring mechanism, that goes beyond the traditional ‘financial’ scoring and looks at other parameters including social, demographic and web presence to score an individual and predict his/ her repayment behavior. Thus the probability of losing a good profile borrower decreases; similarly probability of lending to a bad profile borrower also decreases.
In addition, there are multiple unique features that the platform offers like borrowers deciding the upper limit of interest rates; lender protection for principal amount. Furthermore, as a service the platform has also initiated ultra-short term loans to meet the exigency cases situations of borrowers.
Next Steps
The ultimate goal of the company is to be known as one of the trusted Alternative Finance websites. Rohan quoted,
“We are looking forward to be the first point of reference of Alternative Financing for borrowers and be treated as an Alternate Asset Class by the investors”
Within this short duration of existence the platform has seen loan applications or origination in excess of Rs. 20 Crore and loan proposals/ offers in excess of Rs. 10 Crore have been given to the borrowers.
So, if you want to invest money in P2P Lending or if you need loans for your Personal needs such as medical loan, wedding loan, car loan, short-term loan Payday Loan, or Business Loan, the P2P lending platforms like Rupaiya Exchange and i2iFunding are here to help you!
Akash Boaz
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