Lenddo raises $6 million in new funding round-A A +A
Monday, November 4, 2013
LENDDO, the world’s first online platform that allows members to use their online social connections to build creditworthiness and access local financial services, announced that it has raised an additional $6 million in funding. This close includes existing investors as well as new investors such as Globe Telecom’s Kickstart Ventures, Golden Gate Ventures and Skype Co-Founder, Toivo Annus.
The funds will be used to accelerate an aggressive global rollout as well as develop enhanced features for users of Facebook, Linkedin and Android. Lenddo was recently selected by the World Economic Forum as a tech pioneer for technologies that hold the promise of transforming business and society.
“The Lenddo community continues to see huge growth around the world, as we have expanded our operations this past year from the Philippines to Colombia to Mexico,” said Lenddo co-founder and CEO Jeff Stewart. “Our loans provide funds for everyday people to access education, health care and home improvement.”
Founded in 2011, the Lenddo community has over 350,000 members who are able to use their online reputations on social networks such as Facebook, Linkedin, Twitter and Google to access loans. Lenddo plans to focus its planned expansion in Latin America and Southeast Asia.
Kickstart Ventures, Inc. president Minette Navarrete said, “emerging markets have an increasingly important middle class who are still excluded from traditional financial systems, but technology can redefine how this market accesses financial services.
Digital inclusion in the financial services space is as much a social responsibility as it is a rapidly growing global opportunity, and Lenddo’s proprietary algorithms and deep market insight are breaking down barriers. We are excited to help the team with our experience and network as they expand in the region and beyond.”
“Southeast Asia is one of the fastest growing markets in the world today, but traditional banks are unwilling or unable to lend credit to nearly 610 million denizens. That’s why we’re so excited by Lenddo’s concept of financial empowerment.
Through its proprietary technology and industry standard accreditations, Lenddo’s innovative solution leverages the power of social networks to help traditional banks issue credit to over half a billion people,” said Vinnie Lauria, a Partner at Golden Gate Ventures. (PR)
Published in the Sun.Star Cebu newspaper on November 05, 2013.