Credy a Growing P2P Platform in India

Credy was founded in 2016 and has been gaining some ground in India’s P2P lending market; the firm is emerging from the Y Combinator Winter 2017 program and seeks to capitalize on two factors supporting the growth of P2P in India: 1) the use of the Aadhaar ID system and 2) the country’s demonetization which eliminated 85% of the country’s currency and shifted the economy towards a focus on digital transactions; using digital IDs and a technology platform for underwriting and instant approvals will allow the firm to capitalize on a $50 billion personal lending market; the firm’s average loan size varies from $500 to $1,000 with repayment terms up to nine months; led by former Goldman Sachs bankers, the P2P platform has already processed approximately $3 million in loans.  Source

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!