Lendela, the Singapore-based digital loan matchmaking platform, announced Thursday its successful $5 million Series A funding round.
Lendela said in a statement that the oversubscribed round was led by Singapore-based Chocolate Ventures, with participation from Lendela’s seed investor Cocoon Capital.
The round was also joined by Phillip Private Equity and Genting Ventures, propelling Lendela’s commitment to democratize personal loans.
Looking ahead, Lendela plans to expand across the Asia-Pacific region, following its launch in Australia earlier this year.
“The personal loan journey is often complex and unnerving for the borrower. Consumers deserve clarity and choice when making critical loan decisions,
“That has always been Lendela’s goal,” Its Founder and Chief Executive Officer Nima Karimi said.
Unlike the convoluted and often opaque lending landscape, Lendela said the firm stands out as a beacon of simplicity and transparency.
According to Karimi, the firm’s platform increases access to the most affordable and realistic credit options available, taking into account each profile’s credit history.
He said the firm aims to transform the borrower experience, making it easier for individuals to make informed decisions about their loans.
It is noted that over the years, Lendela has achieved remarkable milestones.
These include achieving profitability in its core markets, doubling its business annually, and pioneering lightning-fast loan processing times from application to money in the account in as quick as ten minutes, owing to application programming interfaces (API) integrations with lending partners and government-accredited open banking ecosystems.
Lendela’s commitment to providing a superior borrowing experience is evident in its extensive track record.
In the last year alone, the fintech has brought over $3.7 million in savings to borrowers thanks to its unique reverse auction model.
Their extensive network of lenders also ensures that borrowers have access to a wide array of loan options, regardless of credit and transactional profiles.
According to him, consumer finance is a necessary part of so many lives, and making lending more democratic is a meaningful endeavor.
“Lendela is well loved by the customers it services and will grow as a result,
“I love businesses that really add value to everyday people and make people’s lives better,” he added.
Chocolate Ventures was started by Singlife Founder and Former Group Chief Executive Walter de Oude, who recognized the pressing need for enhanced options and transparency in financial services.
Lendela was founded in 2018 with a mission to simplify and streamline the personal loan application process.
The platform empowers borrowers with transparent and personalized loan options, offering a refreshing alternative to the traditional labyrinth of the current lending landscape.
Since its inception in 2018, Lendela has empowered over 100,000 consumers with clarity and confidence to make informed loan decisions with an extensive range of choice from more than 100 lending partners.
Today, Lendela serves customers in three markets with offices in Singapore, Hong Kong, Sydney and Kuala Lumpur.
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