Chennai: P2P lending company, RupeeCircle that is backed by Mahindra Finance has announced the opening of its new office here. The office will be the foothold of RupeeCircle in South India and will give a boost to its financial inclusion initiative in the region, stated a release.
The firm plans to further financially include the unbanked and underbanked masses by making credit accessible with ease. The branch will employ around 10 employees initially and focus largely on digital loan processing and collections. The core operations of the organization (including products, services and support) will continue to be driven by its Mumbai team, the release added.
Founder and CEO, RupeeCircle, Ajit Kumar, said, “We are excited at the official opening of our new office in Chennai, which was chosen as a strategic location due to two reasons. Firstly, it is the hub of auto ancillary industries which will help us reach out to the blue-collared salaried workers who are still under-banked or may not have access to credit from traditional banks due to lack of traditional credit footprints. Secondly, a lot of our lenders are from Chennai which will give us an operational advantage. Our research also suggests that the default ratio in South India is comparatively less.”