LenDenClub aims to cross 12 billion in loan disbursement in FY22
By Leandra Monteiro
LenDenClub, an Indian peer-to-peer lending platform, today announced that it has crossed the 5 billion mark in loan disbursements in Financial Year 2020-21. The company also added that it has turned profitable in this financial year.
LenDenClub registered loan disbursements close to INR 6 billion in FY 20-21 as against INR 600 million in FY 19-20 and INR 130 million in FY 18-19. The company thus reported a Y-o-Y growth of 1,000%. Furthermore, the company aims to scale up, eyeing a five-fold growth in the next two years and aims to disburse 12 billion worth loan in FY 21-22.
The company has provided loans to over 1,30,000 unique borrowers and cumulatively 3,60,000 loans, with a major portion being young salaried professionals. The company is inching towards INR 1 billion a month. It processes over 25,000-30,000 loan applications and disburses about 15,000 loans every month.
LenDenClub has been bullish on the P2P lending space, especially in a post-Covid scenario. Recently, it also became the first P2P lending company to integrate with Google Pay, going live on its platform, allowing customers to borrow and lend seamlessly, along with making payments.
Additionally, the FinTech lender has expanded its flagship digital lending platform InstaMoney to pan-India. From its presence in 7 states, the company has expanded the footprint of its key offering to pan-India whereby borrowers from over 19,000 pin-codes can now apply and get P2P loans. This has helped the section of the population living in tier 3 cities and rural regions not covered by banks especially in the small ticket loan category of up to INR 10,000. The company has one of the lowest NPA in the digital lending space of 3.95 %.
Speaking on occasion, Bhavin Patel, Co-founder & CEO, LenDenClub shared, “We are aiming at big growth in this fiscal after great FY21. It is a testimony to the rapidly evolving banking sector, making consumer centricity the primary goal. After the economy has opened up in September 2020, we have witnessed a fresh upsurge in demand for credit across both retail and businesses. We believe that current year will also witness muted growth in the first quarter and then grow exponentially over the next three quarters. Lending is poised to grow at its highest rate in the next three years, and P2P lending will be one of those important elements in lending growth.”
“At LenDenClub, our primary focus has been technology and building futuristic customer centric-products and algorithms for our customers. While on the lender side, we have a unique loan matching algorithm to get them better returns, on the borrowers side, we have the best performing borrower selection algorithms.” he further added.
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