Hong Kong-based Monexo announced this week it is looking to expand its peer-to-peer lending operations in the city of Kolkata. Founder and CEO of Monexo, Mukesh Bubna confirmed that the lender is going to start with services for personal loans.
Bubna revealed:
“We have taken an office in Salt Lake Sector V. We will hire around 30-40 people and start peer-to-peer lending operations here shortly.”
As previously reported, Monexo is reportedly targeting Rs 300 crore business in the first year of operations and is looking to expand into Singapore, Philippines, and Indonesia. Within the Hong Kong market, Monexo currently offers 2 products for borrowing, Rental Discounting and Salary Loans. Bubna recently noted that Monexo’s team of professionals is poised to bring to India innovative financial products that help investors not only earn better returns and but also enable borrowers to bring down their credit costs.
Monexo launched operation in India this past September and has a few hundred lenders registered on its platform where borrowers can find loans at interest rates in the 13%-30% range.