New York and Bangalore – Leading global AI-powered credit decisioning platform provider Scienaptic AI announced today that Rang De, India’s leading peer-to-peer (P2P) lending platform, has chosen its AI-powered platform to underwrite applications for P2P loans.
Started in 2008, Rang De is India’s pioneering peer-to-peer (P2P) lending platform with a mission to provide access to low-cost and affordable credit. It leverages the power of empathy and technology and, via its platform, enables individuals to invest in first-time borrowers – farmers, entrepreneurs, and students from low-income households who are financially excluded. RangDe.org as a non-profit raised more than INR 80 crores from 15,000+ individuals and disbursed it to 65,000 low-income households until 2017. In 2019, the new platform, RangDe.in was launched, a Non-Banking Financial Company (NBFC P2P) to become the first RBI-regulated social peer-to-peer lending platform in India. Since September 2019, Rang De has raised more than INR 46 crores from 7250+ individuals and fulfilled more than 15,000 loans. The company will be leveraging Scienaptic’s analytical models, pre-built risk predictive variables, and credit decisioning engine to assess partners and borrowers and make sharper and instant decisions.
“Our platform is underpinned by technology, people, and human-centered design to make credit affordable for investees (borrowers) and to create a rich social investing experience for our social investors (lenders),” said Ram NK, Cofounder and Director of Rang De. “Scienaptic’s platform will automate and sharpen our credit decisioning allowing us to approve more loans faster, thereby helping us maximise impact, drive profitability and growth and accelerate last mile financial inclusion.”
Correspondingly, Joydip Gupta, Head of APAC at Scienaptic said, “We are proud to announce that Rang De, an organisation that is making such a positive impact in the lives of individuals and communities in India has chosen our AI platform for credit decisioning. Our pre-built risk predictive variables along with our AI-enabled self-learning risk models will help Rang De to underwrite loans more effectively and efficiently, expanding financial inclusion across India.”
About Scienaptic AI
Scienaptic AI’s mission is to increase credit availability across the globe by transforming the technology used in credit decisioning. Banks, NBFCs, MFI, and fintech, use Scienaptic’s AI native credit decisioning platform to continually improve the quality and speed of their underwriting decisions.
The platform enables FIs to reach more borrowers, including underbanked and underserved individuals, and say “yes” more often without increasing risk. It democratizes automated AI-powered lending while addressing all regulatory requirements, including Fair Lending and explainable adverse actions.
Scienaptic-enabled lenders have processed more than 300 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai
Media Contacts
Chandan Pal
Chief Marketing Officer
Scienaptic AI
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