LenDenClub is an Indian P2P lending platform owned and operated by Innofin Solutions.[2] Founded in 2015, the company's headquarters are situated in Mumbai, India.[3]
History
LenDenClub was founded by Bhavin Patel and Dipesh Karki in 2015 as a web-based platform. In 2016, the company received funding in a seed round led by Venture Catalysts and launched an Android-based application to connect borrowers with individual lenders.[4] As of 2016, LenDenClub had 700 lenders and 1,120 borrowers.[5] In 2018, LenDenClub raised another $1.5 million in its Pre-series A round,[6] and its parent company Innofin received a license from Reserve Bank of India to operate as an NBFC-P2P company.[7] By 2019, the company expanded its operations to six states.[6] In December 2019, the RBI increased the lending limit on P2P platforms to Rs 50 lakh, up from the previous limit of Rs 10 lakh.[8]
In 2021, LenDenClub was chosen to participate in the Microsoft for Startups program and its co-founders Bhavin Patel and Dipesh Karki were featured in the Businessworld's BW Disrupt 40 Under 40 list. LenDenClub works with fintech companies such as BharatPe,[9]PhonePe, Google Pay,[10] and announced its collaboration with Samir Kochhar, to launch its first brand campaign.[11][12]
In December 2021, LenDenClub received $10 million in series A round funding, with participation from various investors at a valuation of $51 million.[13] In 2022, the company launched a Fixed-Maturity P2P Plan (FMPP), which enables its members to lend money for a fixed tenure.[8][14] In April 2022, 'LenDenClub Alpha,' a corporate venture, was launched to provide mentorship and support to early-stage startups during their seed and pre-Series stages.[15] Also, in october, LenDenClub started The Bharat Fintech Program’ in association with Reseau and announced a ₹2 crores investment in rural fintech startups.[16] The company participated in a fundraise round for Hubbler, a no-code platform.[13] LenDenClub is the first P2P lending company to enable ESOP (Employee Stock Ownership Plan) liquidation for its employees.[17] In 2023, LenDenClub appointed Indian cricketer Hardik Pandya as its brand ambassador.[18]
The RBI fined Lendencub Rs 1.99 crores in February 2024 for violating P2P lending and digital lending norms after a statutory inspection found non-compliance with NBFC-P2P guidelines.[18]
