Former Infosys CFO V Balakrishnan has joined as a patron member of the Association of NBFC P2P Platforms. A patron member is an honorary membership to a person who is an expert in the fintech domain.
Currently Balakrishnan is founder & chairman of Exfinity Ventures Partners, an early stage technology fund, which has invested in start-ups like Moengage, Fitternity and others. Companies in the P2P lending segment, have formed an association to represent the Indian NBFC-P2P industry at various national as well as at international forums.
The association consists of companies like OML P2P, Monexo, PaisaDukan, Finzy,Cashkumar, Liquiloans, Micrograam, Lendsmartp2p, Peerlend and India moneymart. Further, the association aims to establish formal lines of communication between various government and regulatory authorities on matter of compliance and to create awareness about the industry and work towards building public trust in the sector.
Balakrishnan said, “India is poised to be a $4 trillion economy by 2022, of which $1 trillion would be digital economy. Needless to say P2P lending will play a key role in digital economy and in financial inclusion.”
P2P lending industry is poised to be a $4 to $5 billion industry by 2023, according to reports. Addition of Balakrishnan to our association will help in bringing more credibility to the segment that is growing, said Rajiv Ranjan, founder, & CMD, PaisaDukan, and Secretary of the association.