Hyderabad-based peer to peer (P2P) lending startup AnyTimeLoan, has secured Non-Banking Finance Company (NBFC) P2P licence from Reserve Bank of India (RBI). AnyTimeLoan, is now among the select group of fintech startups, that hold the NBFC P2P licence in India.
Founded by husband-wife duo Keerthi Kumar Jain and Neha Jain in 2014, AnyTimeLoan, provides a platform to connect lenders and borrowers using its proprietary algorithm, to offer on-demand unsecured credit to borrowers in a seamless and hassle-free manner. The algorithm uses data science, artificial intelligence, machine learning and robotics to offer instant loans by connecting eligible borrowers with listed lenders, on its digital ecosystem.
Keerthi Kumar Jain, Founder, and CEO of AnyTimeLoan, said, “Our primary goal of enabling millions of Indians to experience financial independence by facilitating instant loans for them is en route to becoming a reality. This is a very significant milestone for our company as it further strengthens the trust our investors and borrowers have on us.” AnyTimeLoan has a minimum net owned fund of ₹2 crores. The startup claims to have disbursed more than 57,000 loans, worth over ₹62 crores, in the last four years of operation.
Equipped with the RBI license, the digital lending startup is looking to target a month loan disbursal rate of ₹100 crores, in the coming 18 months. AnyTimeLoan was incubated at T-Hub, Government of Telangana’s startup ecosystem, developed in partnership with premier academic institutes IITHyderabad, ISB, and NALSAR.
AnyTimeLoan last raised ₹12.5 crores in a funding round from Spice Mobility, in December 2017. Other players in the P2P digital lending space competing with AnyTimeLoan in India include, LenDenClub, i-Lend, Monexo Fintech, Lendingkart, and Faircent, among many others.