Google Pay (GPay) customers can now lend and borrow through LenDenClub as seamlessly as making payments through the existing platform
Opinions expressed by Entrepreneur contributors are their own.
You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.
Mumbai-based peer-to-peer (P2P) lending platform LenDenClub on Thursday said it has integrated with Google Pay and is now live on its platform. It is the first P2P lending company to integrate with the tech platform.
With this integration, customers of GPay can now lend and borrow through LenDenClub as seamlessly as they can make payments through the platform.
LenDenClub offers borrowers hassle-free loans, even in the remotest parts of the country. With its integration on GPay, users can now access services offered by the brand right from the Google Pay app interface. Borrowers can visit the ‘InstaMoney’ spot on GPay and get loans ranging anywhere between INR 5,000-12,500 transferred to one’s bank account within minutes. Similarly, investors can visit the ‘LenDenClub’ spot on GPay and invest as low as INR 500 thereby offering loans to borrowers directly. The investment option will be live in a few days.
The Spot feature is currently available on Android, while the iOS version will be launched in the coming months.
“LenDenClub is extremely excited to be live on Google Pay. It goes along with our vision of delivering financial products through technology. Being the first P2P player to integrate with GPay, offers us access to over 60-70 million active GPay users monthly on both the demand and supply side of our business. With more and more people in the country getting used to the idea of shopping and transacting online, a large portion are now also seeking credit digitally. We are to add value to Google Pay’s customers through this collaboration,” said Bhavin Patel, co-founder, and chief executive officer, LenDenClub.
LenDenClub has been critical in serving the marginalized and offering credit to those left out of the country’s financial services fold. Additionally, the platform offers an excellent alternative investment opportunity for investors to lend on its platform and earn net returns up to 15 per cent per annum, superior to most of the other investment products available, the company shared.
The company currently has a loan book of more than INR 500 crore, with an average ticket size of INR 25,000. It has arranged more than INR 1,000 crore worth of loans by more than 1.5 lakhs lenders on the platform. Betting big on the P2P lending space, especially in a post-COVID scenario, the company recently expanded its flagship digital lending platform InstaMoney from its presence in 7 states to pan-India. The company has one of the lowest NPA in the digital lending space at 3.4 per cent as of 30 December 2020.