To identify and nurture fintech-focused start-ups, LendenClub, India’s largest peer-to-peer (P2P) lending platform, has launched a venture fund named ‘LendenClub Alpha’, which offers both seed and pre- The series will focus on the stage. Fintech Startup. LendenClub Alpha aims to on-board early stage start-ups, provide them access to mentorship and capital, to accelerate their growth journey and promote the country’s vision of ‘Digital India’.
According to the firm, “In addition to the capital investment through LendenClub Alpha, LendenClub plans to use its expertise in the fintech space to plan and grow these start-ups in the right direction to become the next disruptors in the fintech space.” The fund aims to assist their invested start-ups by promoting mentorship, technology up-gradation, customer acquisition, and creating innovative products for the general public. With the launch of the fund, the platform will enable startups We are planning to take a strategic move to place bets that could lead to the expansion of the fintech start-up ecosystem.”
Designed to help start-ups scale at an accelerated pace, LendenClub Alpha will hand-pick seed and pre-series stage ventures to unleash their growth potential. The platform will help start-ups to design their vision and build a robust business model that offers tech-enabled futuristic products to create optimum consumer impact. The platform intends to invest funds based on the needs and potential of the particular start-up. Therefore LendenClub Alpha will focus on start-ups in LendTech, WealthTech, Neobanks, Underwriting Tools and other allied sectors.
Bhavin Patel, Co-Founder and CEO, LendenClub said, “India today has emerged as the second largest start-up hub in the world. Since the start-up ecosystem is witnessing a proactive pace, it becomes important for established start-up players to take the lead in creating a transformative approach towards capacity building. At LendenClub Alpha, we want promising start-ups to ride on the knowledge and expertise that we have built up over time, to enable them to grow at an accelerated rate. We believe in the power of ‘Shared Vision’ and ‘Shared Growth’ and the time has come for us to take this approach from LendenClub.
We envision India to emerge as a global fintech leader and LendenClub Alpha is a giant leap towards this vision, with our aim to help our fellow startups build innovative products and drive high-scale growth Is.
LendenClub, which aspires to become a digital bank in the near future, is continuously expanding its product portfolio to meet the needs of its borrowers and investors. LendenClub recently raised $10 million from Earth Venture Fund, Kunal Shah, cricketer Hardik Pandya, Tuscan Ventures, Om Stock Brokers and other notable investors. The fast growing platform has created a new wing to scale up India’s startup ecosystem.
LendenClub currently has over 3.5 million borrowers and over 1.8 million investors and has invested Rs. New loan disbursement of Rs. 3,000 crore during FY22. According to the press release, the platform’s fresh annual loan disbursement grew 200x from FY19 to FY22.
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