LenDenClub, India’s fastest growing peer-to-peer (P2P) lending platform recently announced that they have scaled up their hiring by threefold vis-à-vis last year, offering employment to approximately 45 new candidates including both lateral and campus hires. The company is eyeing to triple its current team size from a headcount of 60 to approximately 180 by the end of the financial year.  

With the second wave of the pandemic hitting the country once again, digitization is likely to see acceleration across all sectors. With essential services like banking being conducted remotely, online banking is yet again seeing a huge surge among the population. In these unprecedented times, digital lending companies have come to the rescue of the unbanked and underbanked who lack a credit history and cannot avail traditional loans.  

LenDenClub has been riding on this wave, witnessing a spike in demand for digital loans availed on its platform. The company has observed a huge surge especially in small ticket loans, owing to which it has upscaled its offering ‘InstaMoney’, from its presence across 7 cities to pan-India. InstaMoney is an instant short term cash loan product for salaried individuals, ranging between Rs. 5000 & Rs. 10000 and offered for a tenure of 1-3 months.  

To keep up with the growth, the company has expanded its team size as well. They have aggressively shot up hiring to 83% as compared to the last year, having completed a selection of management trainees (MTs) and graduate engineering trainees (GETs) through Campus Placements and having successfully selected them from IIMs, top B-Schools and engineering colleges. The recruits will carefully be mentored to make them industry ready for departments like marketing, product & technology and risk management. 

Speaking on the development, Bhavin Patel, Co-founder & CEO, LendenClub said, “We are excited to announce our expansion plans at a time where it is critical to offer alternative channels of credit to the masses of the country. The company has set itself aggressive goals and we are well placed to meet the surge of digital loans during the pandemic. We have invested heavily in technology since automation and data analytics are the key to modernizing the lending space, while providing tailor-made solutions to consumers. The rapid expansion of our team itself is a testimony to the potential of the sector, and we look forward to welcoming individuals who share our vision for the P2P lending space in the country while driving growth and competitiveness for LenDenClub.”  

LenDenClub is looking to hire individuals to take up leadership positions to drive the P2P lending space while growing further as a market leader. The company is looking to hire vertical leads and managers for Branding, Digital Marketing, Sales & Distribution, and investment etc. They are also looking for management trainees to help with Business Development, Alliances, Product Development & Strategy, Customer Support, and Wealth Management, along with graduate trainees for software development and market analysis.   

The P2P Lending sector in the country has seen huge boost over last year, owing to their USPs’ such as -- small ticket size, simple and intuitive onboarding procedure and faster loan disbursals. Players such as LenDenClub has expanded aggressively through the year reaching out to a much wider customer base that was not served by the traditional lenders.