India-based neobank Fi is expected to launch a peer-to-peer lending product later this year as it expands.
It will operate alongside the Matrix Partners funded Liquiloans for the P2P product and aim for returns of 9% per annum.
Customers will be able to invest between 10,000 rupees (£105) and 500,000 rupees in Fi’s P2P loans, and they will be allowed to withdraw their investment at any time.
“We will be looking at products on the lending side over the next 12 months,” said Fi co-founder Sujit Narayanan.
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“We are working closely with our banking partners to be able to offer lines of credit. We will start with unsecured products like credit cards, personal loans, etc. and then slowly expand to other categories. »
Narayanan added that the company will create a “tightly managed wallet” of P2P loans, which will initially only be available to a small user base.
“Slowly, as a type of highly organized, high credit rating wallet is made available by Liquiloans, we will slowly begin to improve and offer this as an opportunity to our users,” he said. he declares.
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Fi was founded in 2019 by former Google Pay executives Narayanan and Sumit Gwalani. It initially focused on providing banking products in partnership with the Federal Bank of India.
As it evolves, the platform intends to add new products and services to diversify its offer. In addition to announcing the launch of the P2P lending platform, Fi has also partnered with 11 asset management companies to allow clients to invest in mutual funds.
Fi was recently valued at $315m (£255.3m). In November 2021, it raised $50 million in a funding round led by B Capital and Falcon Edge Capital. Other Fi investors include Sequoia India and Ribbit Capital.
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