Faircent has announced a partnership with TransUnion, according to the Economic Times. TransUnion will provide data, analytics and technology capabilities to help expand Faircent's borrower base. The move will reduce the number of documents that customers are required to submit to Faircent in order to be accepted onto the site. Rajat Gandhi - Faircent Founder and CEO - told the ET:
"We are building [the] world’s first on-demand lending marketplace. Faircent’s vision is to fund a borrower in real time and with this alliance we are one step closer to that objective”
The partnership is a major coup for Faircent, as TransUnion has information on over 500 million consumers, although Faircent may have little use of international users. When AltFi caught up with Mr Gandhi in January, he hold us that Faircent was India's only nationwide provider of P2P services. It appears that this tie up is another opportunity to cement Faircent's position in the Indian P2P market.
Manish Jain - TransUnion General Manager in India - commented:
"Both Faircent and TransUnion share a common goal of bringing innovation to the financial and lending marketplace. This initiative is a testament on how both organizations are using information for good to bring access to credit to a growing middle class in India"
By using TransUnion's services to further streamline their service, Mr Gandhi will be hoping that this new partnership will allow a further expansion. Faircent is not the only platform expanding, however. Last month Lending Kart announced a $10M investment – significantly more than Faircent secured in January - and fellow rival i-lend is also doing well.
Internet financiers pride themselves on a speedy service and tying up with TransUnion can only strengthen this attraction. Faircent wants to fund in real time and this move will surely move them one step closer to that goal.