- Lendela’s platform allows borrowers to apply and finalise their choice of loan within 24 hours.
- Having achieved 7 times growth in 2020, Lendela now serves tens of thousands of borrowers in Singapore and Hong Kong.
- Lendela has expanded its network to 40 strategic partners including leading banks such as Standard Chartered Bank and HSBC
- According to a study conducted by Google, Temasek and Bain & Company, digital lending in Southeast Asia is on track to grow 33% annually to reach US$18b by 2025.
SINGAPORE – 27 January 2021 — Lendela, the first personal loan matchmaker in Southeast Asia, announced today a US$2m pre-Series A financing round led by existing investors Promise Future International and 2be.lu Investments.
Lendela’s unique platform allows borrowers to complete a simple, online application that is immediately shared with available partner lenders. Within 24 hours, applicants are presented with multiple offers and can immediately make their choice and proceed to sign the final loan documents. Having achieved 7 times growth in 2020, Lendela now serves tens of thousands of borrowers in Singapore and Hong Kong.
The funds will be used to support the company’s rapid growth across its Singapore and Hong Kong markets, with plans to hire new talent in tech development, business development and marketing. Lendela 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.
According to a study conducted by Google, Temasek and Bain & Company, digital lending in Southeast Asia is on track to grow 33% annually to reach US$18b by 2025.
Since its launch, Lendela has expanded its network to 40 strategic partners, helping them effectively acquire and convert customers in the saturated personal loan market. These partners include leading banks such as Standard Chartered Bank and HSBC as well as well-established licensed money lenders.
“With COVID-19, the shift towards digitalisation has accelerated across Southeast Asia. Lendela’s 100% digital process is even more valuable in a pandemic with restrictions on social interaction. We are excited to soon launch a number of innovations to further empower our borrowers while making us an even more cost-efficient partner for banks and other lenders”, 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 poised to revolutionise it. The company has grown at an impressive pace and I look forward to working with the Lendela team to execute its vision of empowering consumers and bringing greater transparency to the loan application process“, said Pierre Lorinet, who recently joined Lendela’s board of directors.