P2P lending platform I-lend signs pact with Cove Ventures
Hyderabad based I-lend, a player in the peer 2 peer (P2P)/alternate finance space, and UK-headquartered big data solutions provider Cove Venture today announced a strategic agreement.
Under this pact, both firms would apply artificial intelligence, deep and machine learning algorithms in the Indian alternate finance & P2P lending industry to improve access to credit at moderate interest rates, they said in a joint statement.
The Indian alternate finance and P2P lending industry is currently experiencing rapid growth, it said.
The models will help improve the predictability by analysing online, social and financial behaviour, thereby enabling I-lend with significant accuracy. This predictability will help in pricing loans, opening up new segments and deliver better financial performance. Getting exclusive access to I-lend data helps Cove Ventures build cutting edge solutions across the fast growing finance ecosystem in India, the statement said.
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Shankar Vaddadyi, Founder, I-lend, said,
This tie-up will help building predictive, qualitative credit and e-KYC models along with our existing algorithms. It also enables us to better address financial inclusion in the urban space and bring a higher degree of transparency into loaning and lending operations and rationalise high interest rates being charged.
Madhava Turumella, Founder & CEO, Cove Venture said,
This partnership will improve our footprint in India and help us get excellent traction in the fast growing Indian financial space both from a conventional and new wave companies like I-lend. Exclusivity is critical because of the nature of the technologies and data involved and I am confident that these models will give a flip to the demonetisation.
I-lend is an online peer-to-peer lending platform in India connecting individual borrowers and individual lenders.