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Fintech start-up BigWin Infotech has received an in-principle approval from RBI to set up an NBFC Peer-to-Peer lending platform.
The company will commence operations after getting a Certificate of Registration from the RBI.
Further, the RBI has also mandated Bigwin Infotech to put in place the technology platform, complete all legal and operational formalities. PaisaDukan will handle the servicing of loans on behalf of matched borrowers with investors and provide legal and recovery support, principal protection, as also evaluation of credit risk by a proprietary algorithm.
PaisaDukan provides loans to all legal age groups as well as for all requirements. BigWin Infotech had filed for an NBFC P2P licence in December last year.
Rajiv M Ranjan, Founder and CMD, said: “With this approval its platform is ready and PaisaDukan.com will also launch a mobile app soon.” In the last couple of months, BigWin Infotech has secured two rounds of seed funding totalling $875,000.
While the company did not disclose the investors who participated in the seed funding, it said that the fund will be used for the development of the marketplace platform and the mobile app.
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