SucSEED Venture Partners have invested in RNVP Technology Private Limited (known as i2iFunding), an RBI registered leading Peer to Peer Lending platform in India which verifies and matches borrowers looking for unsecured loans with interested lenders.
i2iFunding provides affordable unsecured loans to borrowers such as people with no credit history, small businessmen, self-employed personnel, grade 4 government employees, newly employed salaried personnel, and many others who are not serviced by banks or NBFCs. i2iFunding has disbursed loans of value more than Rs. 36 Crores and has crossed monthly disbursal of Rs. 4 Crores. i2iFunding had raised more than $1 million so far.
Vaibhav Kumar Pandey, co-founder of i2iFunding, said, “Majority of India is still credit starved as it lacks traditional data which banks use to provide loan. As a result, these borrowers resort to expensive informal credit or have to disclose their requirements to friend / family for financial help. They end up in debt trap or get embarrassed or both. i2iFunding have now developed strong understanding of such borrowers and have come-up with technology based customized solutions to cater to each borrower segment using alternate data. We think that we have now reached the inflection point and are in position to replicate our solution on much larger scale by increasing our outreach.”
“We are grateful for the immense confidence which SucSEED has shown in the business. From January 2018, when SucSEED had previously invested, i2iFunding has grown more than 8x. This round of funding led by SucSEED will help us to leap forward and cement our position as the leader in peer to peer lending space. We expect to achieve further 5x growth over the next year and also become profitable on the back of our strong unit economics. We are also in discussions with fintech marquee investors to raise Series-A funds”, added Vaibhav.
Ajay Kalhan, an Active Investor with SucSEED and who have been representing SucSEED on board of I2iFunding said “Looking at the performance of i2iFunding over last 18 months, our Angel Investors felt excited to lead the follow-on investment round with them. Infact, this is our largest investment in any startup so far and we are excited to back i2iFunding with our full support”
Vikrant Varshney, Cofounder & Managing Partner of SucSEED, said “With Investments in Paymatrix, Insense, Stockal and i2iFunding we have penetration in Payments, Card Analytics, Wealth Management and P2P Lending space in FinTech sector. This gives us unique opportunity to help fester collaborations amongst all the FinTech Startups to create a unique value proposition for the Financial Sector”.