Peer-to-Peer Lending platform LenDenClub on Thursday said it has turned profitable and aims to cross Rs 1,200 crore disbursal in the current fiscal year. The company crossed Rs 500 crore mark in loan disbursements in 2020-21 and turned “profitable” during the financial year, it said in a release.
“LenDenClub registered loan disbursements close to Rs 600 crore in FY20-21 as against Rs 60 crore in FY19-20 and Rs 13 crore in FY18-19. The company thus reported a year-on-year growth of 1,000%.
“The company aims to scale up substantially, eyeing a five-fold growth in the next two years and aims to disburse Rs 1,200 crore worth loan in FY21-22,” it said.
The lending platform said it has catered to over 1.3 lakh unique borrowers and cumulatively to 3.6 lakh loans, mainly to young salaried professionals.
LenDenClub said it is inching closer to Rs 100 crore disbursal a month. The company processes around 25,000-30,000 loan applications and disburses about 15,000 loans a month.
The P2P lender, which began operations in 2015, currently has a user base of over 15 lakh borrowers, and 4.5 lakh lenders on its platform have an average ticket size of Rs 30,000.
The company said it is bullish on strong demand, especially in a post-Covid scenario. It has recently integrated with Google Pay, allowing customers to borrow and lend seamlessly, as well as making payments.
Additionally, the fintech lender has expanded its flagship digital lending platform InstaMoney to pan-India.
Borrowers from as many as 19,000 pin codes can seamlessly apply and get the fastest P2P loans, it said.
This has helped the section of the population living in tier 3 cities and rural regions not covered by banks especially in the small ticket loan category of up to Rs 10,000. The company has one of the lowest NPA in the digital lending space of 3.95%.
“We are aiming at big growth in this fiscal after great FY21. It is a testimony to the rapidly evolving banking sector, making consumer centricity the primary goal. After the economy has opened up in September 2020, we have witnessed a fresh upsurge in demand for credit across both retail and businesses. We believe that current year will also witness muted growth in the first quarter and then grow exponentially over the next three quarters,” Bhavin Patel, Co-founder & CEO, LenDenClub, said.
He hoped lending to be growing at its highest rate in the next three years. P2P lending will be one of those important elements in lending growth, Patel said. Further, the company said it hopes to scale up disbursement volumes to Rs 500 crore on a month-on-month basis by FY23-24.