Vakrangee to launch P2P lending platform by partnering with LenDenClub.
Under this tie-up, Vakrangee, through its BharatEasy mobile application and Nextgen Kendras, will now offer lending and borrowing platforms in the remotest parts of the country.
Vakrangee has announced that it has tied up with LendDenClub to provide borrowing and investing options to its customers. This integration will help customers of Vakrangee to invest and borrow through LenDenClub smoothly. Under this tie-up, Vakrangee, through its BharatEasy mobile application and Nextgen Kendras, will now offer lending and borrowing platforms in the remotest parts of the country.
LenDenClub is the largest peer-to-peer platform in India, having disbursed more than Rs 1000 crore worth of loans. They currently enjoy a user base of 20 lakh borrowers and disburses on an average of 4.5 lakh loans annually. With a registered base of 8 lakh investors, LenDenClub enjoys more than 50% market share in the fresh loan disbursements in the Indian P2P market. It aims to foster financial inclusion by leveraging technology to support borrowers with hassle-free loans while providing a new-age investment option for investors.
The company has said in a filing with the exchange that, “Borrowers will get hassle-free Instant digital loans, even in the remotest parts of the country. It is one of those rare lending platforms to offer loans across 19,000+ pin codes across the country, higher than some banks. Additionally, the customers will get an excellent alternative investment opportunity on its P2P investment platform and earn attractive interest income.”
With 70% of Nextgen Vakrangee Kendra outlets in Tier-5 and Tier-6 towns, the company will furnish borrowing to the community in the unserved parts of the nation.
Incorporated in 1990, Vakrangee is a unique technology-driven company focused on building India's largest network of last-mile retail outlets to deliver real-time banking and financial services, ATM, insurance, e-governance, e-commerce, and logistics services to the unserved rural, semi-urban, and urban markets. The Assisted Digital Convenience stores are called as “Vakrangee Kendra” which acts as the ‘one-stop shop’ for availing various services and products. Vakrangee currently has close to 11,900 Nextgen Vakrangee Kendras spread across 27 States and UTs, more than 520 districts and 4,620 postal codes.
On Thursday, October 7, 2021, the share price of Vakrangee closed at Rs 41.15 per share, up by 1.35% on BSE.
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