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Lendela bags US$2M pre-Series A to expand consumer credit platform

Lendela bags US$2M pre-Series A to expand consumer credit platform

Lendela, a Singapore-based consumer credit management platform, announced today it has raised US$2 million in pre-Series A financing round led by existing investors Promise Future International and Luxembourg-based early-stage VC fund 2be.lu Investments.

The startup shared the fresh funds will be used to support its growth plans across Singapore and Hong Kong, with plans to hire new talent in tech development, business development and marketing.

Launched in 2018, Lendela connects borrowers to partner lenders through an online loan application form. The platform shared applicants would be presented with multiple offers and can sign their loan documents within 24 hours of applying.

In the same year, it announced a US$942,000 seed funding round led by Cocoon Capital and IMO Ventures.

Since its launch, Lendela remarked it has expanded its network to 40 strategic partners, including banks such as Standard Chartered Bank and HSBC.

Having claimed it achieved seven times growth in 2020, Lendela now serves over 10,000 borrowers in Singapore and Hong Kong.

The platform said plans to develop its product to further reduce friction for customers, providing customer identification services, alternative credit scoring, as well as continuing to speed up the loan application process.

“With COVID-19, the shift towards digitalisation has accelerated across Southeast Asia. Lendela’s digital lending process is even more valuable in a pandemic with restrictions on social interaction,” said Nima Karimi, CEO and Founder of Lendela.

“There is an incredible opportunity for growth and improvement in the region’s digital lending space and Lendela is well-placed to capitalise on it,” added Pierre Lorinet, who recently joined Lendela’s board of directors.

According to a study conducted by Google, Temasek and Bain & Company, digital lending in Southeast Asia is on track to grow 33 per cent annually to reach US$18 billion by 2025.

Please refer to original article at e27.co

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