LendenclubOnline P2P lending platform LenDenClub has raised $1 million in a pre-series A funding, led by early-stage venture capital fund Artha Venture Fund.

The round also saw participation from family offices including UAE-based Transworld Group, as well as some marquee angel investors, according to media reports.

The funds will be utilised to expand its senior management team, develop lending products and for expanding its footprint to reach 12 states.

“The current funding round gives us the ability to double our reach and continue our quest in finding creditworthy borrowers that are not being serviced by the current financial institutions,” said Bhavin Patel, co-founder & CEO, LenDenClub said, according to the reports.

“We also aim to double the number of lenders on the platform to reach Rs. 500 crores disbursal in the next 18 months,” he added.

Founded in 2016 by Bhavin Patel and Dipesh Karki, LenDenClub offers small-ticket loans directly to lenders and uses its proprietary tech-stack to reduce the time taken to underwrite loans.

Once a borrower files for an application, the start-up screens them for their creditworthiness. Once they are approved, the profiles of the borrowers are listed on its platform.

by Krishna V Kurup
Senior Market Analyst at IBS Intelligence