RupeeCircle

Founded in 2017, RupeeCircle operates as a peer-to-peer (P2P) lending marketplace in India, connecting individual and business borrowers with investors. The company, which is operated by Fintelligence Data Science Private Limited, was founded by Ajit Kumar, Ashish Mehta, Abhishek Gandhi, and Piyush Saurabh. The founding team possesses a strong background in finance and technology; CEO Ajit Kumar previously worked in corporate finance at Citigroup and Axis Bank, while his IIT-Bombay batchmate Ashish Mehta also has a background in the sector. Abhishek Gandhi holds an MBA from Erasmus University, and Piyush Saurabh has an MBA and is described as a master A.I. designer. This collective experience was instrumental in identifying a market gap where traditional banks, with their rigid lending criteria, often overlook creditworthy individuals who lack a formal credit history.

The firm's primary business is to facilitate unsecured personal and business loans, aiming to improve financial inclusion for the unbanked and under-banked populations in India. Borrowers can apply for loans online by providing personal and financial information. RupeeCircle then utilizes a proprietary credit scoring model that analyzes over 5,000 data points to assess the credit risk of applicants, including those new to credit. Once a loan application is approved and assigned an interest rate, it is listed on the company's marketplace where registered investors can choose to fund the loans, either in full or partially to diversify their investment. The loan amount is disbursed directly to the borrower's bank account after the funding goal is met and agreements are signed. Revenue is generated by charging a login fee to borrowers upon application. For investors, the platform offers a way to earn returns, which are paid back in monthly installments (EMIs) from the borrowers.

A significant milestone for the company was receiving its Non-Banking Financial Company (NBFC-P2P) license from the Reserve Bank of India (RBI) on December 27, 2018. This certification legitimized its operations and allowed it to facilitate collateral-free personal loans. The company has secured funding from notable investors, including Mahindra Finance and the Oracle for Startups program. In July 2018, Mahindra Finance invested approximately $588,000 (Rs 4 crore). In June 2021, RupeeCircle was acquired by Mufin Green Finance, and now operates as a subsidiary.

Keywords: peer-to-peer lending, P2P finance, personal loans, business loans, credit marketplace, financial inclusion, NBFC-P2P, fintech India, online lending, investment platform, credit risk assessment, data science, unsecured loans, retail investors, borrower financing, alternative finance, digital lending, Mufin Green Finance, Ajit Kumar, Ashish Mehta