Faircent inks deal with Yodlee for greater financial insight

P2P lending marketplace startup Faircent.com on Tuesday said it has inked an alliance with US- based Yodlee, a Nasdaq listed cloud based technology and applications platform for digital financial services, to streamline and bolster their lending decisions.

Faircent is the first P2P lending marketplace to align with Yodlee in Asia. Yodlee's bank account aggregation technology would help Faircent leverage their proprietary algorithms to make efficient lending decisions for their customers. More than 800 organizations in over 15 countries, including 9 of the 15 largest US banks and hundreds of Internet services companies, use the Yodlee platform

"Faircent is disrupting the traditional banking behemoths in India through its unique cloud based technology driven marketplace. Integration with Yodlee is further going to strongly impact the way loans are processed and availed in this country," said Faircent.com, Founder & CEO, Rajat Gandhi in a statement.

The company Founder and COO Vinay Mathews adds that the company's underwriting engines assess hundreds of data points and integration with Yodlee would reduce a significant amount time spent on processing loans to minutes.

Curretly Faircent.com taps different data points to evaluate the risk profile of borrowers on its platform which includes their social data from Linkedin, Facebook; financial data from their bank statements, credit card etc With Yodlee's technology, paper work is reduced to almost nothing as a borrower merely needs to connect their bank account without having to submit any physical bank documents.