Monexo to start P2P lending operations in Kolkata

Hong Kong-based financial services firm Monexo will start peer-to-peer lending operations in the metropolis shortly, a company official said.

"We have taken an office in Salt Lake Sector V. We will hire around 30-40 people and start peer-to-peer lending operations here shortly," founder and CEO of Monexo Mukesh Bubna told PTI.

It would start with personal loans, Bubna said.

He said peer-to-peer lending operations typically deal with HNIs who are willing to lend to individual borrowers.

"Monexo is a market-place where matchmaking between the lenders and borrowers are done," he said.

The company has already tied up with CIBIL for getting the credit scores of intending borrowers, he informed.

"A good credit score will enable the borrower to get personal loan at as low as 13 percent," the CEO added.

Monexo started operations 18 months ago in Hong Kong, after which it opened offices at Bengaluru and Chennai, said Bubna, an ex-Citibanker.

The company uses data analytics for profiling intending borrowers.

Peer-to-peer lending (P2P) is a debt financing tool that helps individuals to borrow and lend money and there is no role of an official financial institution as an intermediary.