by Suman Gupta
- Introduction of new RBI approved asset class for investors
- First-of-its kind synergy between wealth management platform and P2P player
Mumbai: Monexo (www.monexo.co) Fintech (P) Ltd, one of India’s leading peer-to-peer lending platforms, has entered into a strategic alliance with Cube Wealth, India’s first multi-asset class app-based wealth creation service. Under the alliance, Cube Wealth will offer its clients a new investment-asset class, P2P Lending as part of their wealth creation portfolio. This is the first-of-its kind formal product category offering in P2P Lending for investors in India being bought together by partnership of a wealth creation platform and a P2P Lending platform.
Commenting on the development, Mr. Mukesh Bubna, CEO and Founder of Monexo said, “We are delighted to partner with Cube Wealth. This partnership will allow us to further expand our customer base. Our association will help Cube Wealth‘s members to benefit with the introduction of a formal investment product category in P2P lending.”
Speaking on the occasion, Mr. Satyen Kothari, CEO , Cube Wealth said, “Our mission is to help all Indians create wealth. We recommend several modern asset classes on our platform already. With Monexo, Cube Wealth is delighted to be the first wealth platform in India to offer its customers a brand new asset to increase their portfolio breadth. Our members will benefit from this exciting new asset class that offers a good option to any balanced portfolio.”
P2P lending is rapidly emerging as an alternative investment asset class in India. The tech-led platform enables easy access to credit while giving high potential returns to investors. Monexo Fintech’s platform presently has 100000 registered borrowers and 4000 registered lenders. Cumulatively the platform has facilitated loans worth 20 crs till date. P2P lending is projected to be worth $4-5 billion by 2023; the sector’s recent inclusion into the larger regulatory ambit has put it on an exponential growth trajectory.
About Monexo Fintech Private Limited:Founded in 2016, Monexo is India’s first truly digital and 100% paperless peer-to- peer (P2P) lending marketplace with the goal of providing superior customer experience and removing the friction in the borrowing process with the use of robust technology. With over 100,000 registered borrowers, 4,000 registered lenders, Monexo has grown leaps and bounds within a year of operations. The P2P platform can provide returns between 15%-24% to its lenders/investors. Monexo is also the first P2P platform in India to provide investors with an escrow account, the option of auto-invest and an insurance cover with job-loss protection.
About Cube Consumer Services Pvt. Ltd.: Cube Wealth provides a unique simple-to-use wealth creation and management service to middle-class urban professionals. Via Cube Wealth, members can set up preferences for multiple modern asset classes with guidance from top notch advisors. Cube Wealth also provides regular reminders for disciplined investing and a simplified any-time view of the entire portfolio. All of this through a single app on Android or iOS that requires ‘a minute per month.’
