Per Annum Under RBI Scrutiny for High-Yield P2P Lending Claims

Lendbox parent Transactree’s investment platform, Per Annum, is facing scrutiny as investors report high-return pitches that appear to conflict with the Reserve Bank of India’s (RBI) tightened Peer-to-Peer (P2P) lending regulations. Despite the RBI’s mandates in 2024 aimed at curbing risk-sharing and assured returns in P2P lending, Per Annum is allegedly promoting products with promises of significant yields, raising concerns about a potential return to the old P2P playbook.

Investors and potential clients have indicated that Per Annum representatives have marketed P2P products offering returns as high as 14-15%, alongside fractional real estate opportunities promising 30-40% gains. Claims made by sales personnel, suggesting that borrower spreads could mitigate losses, directly challenge the RBI’s directives, which explicitly prohibit credit guarantees and assured returns.

The platform’s expansion into alternative assets, including a fractional real estate product named “Estates” and a lending offering “P2P Edge” promising up to 15% returns over six months, further intensifies this scrutiny. Critics argue that while the product wrappers may have changed, the underlying high-yield promises remain consistent.

This situation arises as Transactree’s financial performance shows signs of stress. The company reported a 35% year-on-year drop in operating revenues to ₹275 Cr in FY25, with net profit falling to ₹4.8 Cr and significant negative operating cash flows. Furthermore, discrepancies have been noted regarding Lendbox’s claimed assets under management (AUM) of ₹10,000 Cr. Rival LenDenClub’s market share claims suggest Lendbox’s reported volumes may not align with its operational realities, especially considering Transactree’s modest investor payout of ₹4.5 Cr in FY25.

While Transactree maintains its compliance with regulations and denies offering risk-sharing or guaranteed returns, the ongoing allegations suggest that Per Annum’s investors may be exposed to complex alternative assets through high-yield promises.