Singapore: Life.SREDA, AT Capital lead Series B investment in Lenddo

Visual of Lenddo portal. October 2015

Singapore-based fintech VC firms Life.SREDA and AT Capital have led a Series B round in Lenddoa provider of data for credit scoring and online verification. The financial terms of the investment are undisclosed. The company will use the funds for business expansion.

Other investors participating in this Series B round were Omidyar Network, Blumberg Capital and Golden Gate Ventures.

Lenddo is based in Hong Kong and functions as an online platform that helps members utilise social connections to develop creditworthiness and access local financial services, using this data for credit scoring and online verification. It was incepted in 2011 by co-founders Richard Eldridge and Jeff Stewart.

According to Crunchbase data, Lenddo has previously raised two Series A rounds; a $8 million round in May 2012 and a $6 million round in October 2013. The venture maintains offices in New York, the Philippines, India and Colombia.

Eldridge, Lenddo’s co-founder and CEO, commented: “As smartphone and social media penetration in developing countries continues to grow exponentially, the new investment will allow Lenddo to fast track growth into new markets, expand presence in its existing markets and continue to develop new innovative products.”

Arvind Tiku, a director and founder of AT Capital Group, observed that the investment was motivated by how Lenddo was resolving a major business challenge that often served to restrict and inhibit growth in many countries. Tick noted that by providing lenders with risk assessment tools, it enhanced the ability to assess and evaluate the creditworthiness of clients, de-risking the lending process.

Also Read: Life.SREDA’s fintech accelerator InspirAsia unveils pioneer batch startups

Having improved their algorithms since then, and with experience in lending in multiple markets, Lenddo says that it maintains live deployments in more than 10 countries, since opening up its technology to financial service providers in January 2015.

It claims that banks, card issuers, telcos, P2P lenders and other fintech startups involved in financial services are deploying Lenddo to enhance customer service and enhance their risk management across the web and mobile platforms. According to Lenddo, these firms can access financial information about their clients via API’s or a secure dashboard.

Commenting on the investment, Arjuna Costa, an  investment partner at Omidyar Network, said, “Lenddo’s platform addresses a crucial piece in unlocking full financial inclusion to people in emerging markets.”

Costa added, “By using non-traditional data to make thousands of creditworthy consumers discoverable to lenders for the first time, Lenddo is revolutionising the way we reach, assess, and ultimately extend credit to consumers with no formal credit histories in developing markets.”

Also Read: 

India: Mobikon gets funding from Qualgro, Life.SREDA

Fastacash secures $15m Series B round from Rising Dragon Singapore, Life.SREDA

Life.SREDA, Marvelstone eye Korea with joint $20m fund

Funding for Indian start-ups won’t dry up: Omidyar’s Roopa Kudva

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.