HYDERABAD: City-based financial technology startup SRS Fin Tech Labstoday announced the launch of 'OxyLoans', an alternative lending platform, and said it aimed to disburse USD 1 billion by 2024.
"OxyLoans connects borrowers and lenders online. It is a Peer-to-Peer Lending (P2PL) and Peer-to-Peer Investing (P2PI) platform wherein borrowers get loans more quickly, as compared to the traditional banking method," said Radhakrishna Thatavarti, Founder and CEO of SRS Fintech Labs Private Ltd.
He said with the OxyLoans platform, borrowers can now connect directly with multiple lenders.
"Borrowers and lenders can have complete control over transactions. Peer-to-peer lending removes the middleman from the process.
"We have invested Rs 1 crore and looking forward to raise another Rs 2 crore as part of seed capital. Once we achieve Rs 3 crore target of seed capital, we will raise USD 20 million by August 2017 to build a platform that enables USD 1 billion disbursement by 2024," Radhakrishna said.
Armed with proprietary algorithms showcasing credit score, underwriting and agreement preparation, OxyLoans enables investors and lenders to assess borrowers and offer them the option of accepting or rejecting an application, he said, adding that it also provides business as usual loans in partnership with banks.
Armed with proprietary algorithms showcasing credit score, underwriting and agreement preparation, OxyLoans enables investors and lenders to assess borrowers and offer them the option of accepting or rejecting an application, he said, adding that it also provides business as usual loans in partnership with banks.
"A key feature of OxyLoans is enabling borrowers to negotiate directly with lenders, allowing them to agree on an interest rate, tenure, and repayment cycle that suits them. The services are open to citizens of India, GCC, and the UK. OxyLoans is expected to solve recurring problems like high rate of loan rejection, dissatisfaction with the interest rate on fixed deposits, and so forth," he added.
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