Singapore-based venture capital firm Cocoon Capital and IMO Ventures have led a S$1.3 million ($941,726) seed financing round in loan broker Lendela, according to an official release.
Lendela, a part of the global fintech group Zentro Finmarket, is a technology company connecting banks and consumers.
The company optimizes the loan application process by submitting a single application to multiple lenders. Lendela’s network lenders then respond fast with the best possible interest rates.
The portal is currently in beta release in Singapore and Malaysia with a full feature release planned for later in the year.
Will Klippgen, Managing Partner at Singapore-based seed fund Cocoon Capital, recently joined Lendela’s board of directors.
Cocoon Capital is a seed-stage venture capital fund based in Singapore focusing on early-stage, digital companies across Southeast Asia with assets under management targeted at $35 million ($25.3 million).
The fund invests in enterprise tech companies with a focus on the SaaS, fintech and deep tech verticals. It has done 10 investments till date and differentiates itself by working closely with portfolio companies to unleash their potential.
“Lendela is part of the new wave of empowering Asian consumers. Applying for and comparing loans are complicated and time-consuming processes and one bank can never satisfy all customer segments,” he said.
IMO Ventures is a global early-stage venture capital fund investing in and incubating frontier technology startups.
The fund supports its portfolio with both funding and the resources to localize cross-border startups that tackle emerging or under-represented sectors in Asia and North America.
“Lendela is bringing the bank to the consumer,” said Thomas Yao, Partner at U.S.-based IMO Ventures. “The $1.5-trillion household debt market in ASEAN is ripe for disruption.”