Online P2P lending startup LenDen Club raises USD 500K to boost technology

Online P2P lending startup LenDen Club raises USD 500K

LenDen Club

Founders: Dipesh Karki, Bhavin Patel

Founded in: 2014

Financing status: USD 500,000 for undisclosed round in 2017

Mumbai-based online peer-to-peer lending platform LenDen Club has raised USD 500,000 from an undisclosed Indian venture capitalist. Existing investors Venture Catalyst and Anirudh Damani of Artha India Ventures also participated in the round.

LenDen Club was founded in 2014 by Bhavin Patel and Dipesh Karki. Patel previously served as CEO of Micro Capitals, a company that publishes information on microfinance and investment. Prior to that, he worked as a fund raising professional at both Mandhana Industries Limited, a textile and garment manufacturer, and Electronica Finance Limited, a leading non-banking finance company in India. Karki was previously a lead software developer at IDA Business Solutions, a specialized engineering solutions provider.

LenDen Club is an online P2P lending and borrowing platform. It allows individuals to take out personal loans or become lenders themselves. Through an interest program, the platform helps lenders appreciate their money. The startup lists only pre-verified borrowers on the platform, and lenders can browse borrowers’ profiles before offering loans.

In April 2016, LenDen Club raised an undisclosed amount in a seed round from Venture Catalysts and Anirudh Damani.

The startup will use the newly raised investment to enhance its product platform and improve tech automation. With the investment, LenDen Club can reach the minimum capital registration requirement of INR 20 million (USD 310,000) set by the Reserve Bank of India’s recent directive on P2P lending.

(Top photo from Flickr)

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