[5][6][7] In 2019, Lendbox received the NBFC-P2P certification from the Reserve Bank of India (RBI) allowing it to operate as a registered P2P lending platform.

[10][11] Lendbox partnered with several fintech platforms including EaseMyDeal, Cashe, TransUnion (formerly TrueCredit) and Mobikwik (for both Xtra and Zip).

[12][13] Between December 2022 and March 2023, Lendbox faced a significant issue wherein approximately 457 scamster accounts exploited system loopholes.

These accounts allegedly deposited cash into various P2P lending schemes and then withdrew the amount twice by making fraudulent refund requests—once through the Lendbox or Mobikwik app and a second time via the National Payments Corporation of India (NPCI), citing non-receipt of funds.

[17][18][19] Following guidelines issued by the RBI in March 2024, Lendbox ceased the 'Anytime Withdrawal' feature from September 2024 due to which existing funds were subsequently re-invested without explicit consent from users and approval for borrower's list.