LenDenClub, a peer-to-peer (P2P) lending platform, has appointed Ashish Jain as its new chief business officer- investments, the company said on Wednesday.
Jain will be responsible for improving the partner network which aims to help financial advisers provide alternative investment opportunities to allocate clients’ assets. He will also be expanding key partnerships across the distribution channel to make the company’s lending offerings more accessible.
Before joining LenDenClub, Jain worked with companies like ICICI Bank, Franklin Templeton, and ICICI Prudential AMC taking on roles in sales, marketing and distribution, and channel management. His last stint was with AU Small Finance Bank where he was responsible for the product and distribution of investment products.
“Financial awareness and digitization are seeing exponential growth in India led by the fintech revolution. LenDenClub is poised to make the most of this momentum and drive digital adoption for financial products with its innovative product offerings,” Jain said.
Founded in 2016, by Bhavin Patel and Dipesh Karki, LenDenClub connects lenders looking for high returns from personal loans. It also offers new-age investment options to investors. It claims to process over 2.5 lakh loan applications every month.
The company serves two high-growth loan products - InstaMoney for salaried customers and small business loans for merchants and shopkeepers. It has over one million investors on board, the statement said.
In April, LenDenClub launched a venture fund to back fintech startups in the seed and pre-Series A stage. The 'LenDenClub Alpha' fund aims to onboard early-stage startups while offering them mentorship and access to capital thereby enabling them to accelerate their growth.
In December 2021, the company raised $10 million (around Rs 75 crore) in a Series A round, co-led by Tuscan Ventures, Ohm Stock Brokers, and Artha Venture Fund.
In 2019, it raised $1 million (approximately Rs 7.16 crore) in its pre-Series A round co-led by Artha Venture Fund-I, Transworld Group and Shuchi Kothari of the DSP Group.