The neo lending platform offers reduced costs through technology available online and fully automated. The technology stack enables millions of transactions, open API collaborations, cloud computing, and a scalable technology architecture. It also provides credit scoring, operational management, reporting and analytics, collection and collection, among other features.
Vinay Mathews, Founder and COO, Faircent said in a statement, “The co-lending platform is faster, simpler and cheaper. Using advanced technologies, Faircent Pro will allow NBFCs and institutional lenders to invest together by lending money to the same borrower. The fully digital process will significantly reduce loan costs. This will benefit the lending ecosystem and make it more organized.
Faircent caters to personal and business loans. The online platform has enabled people to borrow and lend money independently of any intermediary like a back etc. In addition to simplifying access to credit for individuals, the company claims to improve access to finance for SMEs by making loans easier and reducing costs by connecting them to individual and institutional lenders.