Modern Australian
The Times

Lendela secures US$5M in oversubscribed Series A round to bring more transparency to Asia-Pacific’s lending industry

SINGAPORE - Media OutReach - 23 November 2023 - Lendela, the digital loan matchmaking platform, announced today its successful $US5M Series A funding round.
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 democratise personal loans.

Lendela was founded in 2018 with a mission to simplify and streamline the personal loan application process. The platform empowers borrowers with transparent and personalised loan options, offering a refreshing alternative to the traditional labyrinth of the current lending landscape.

Founder and CEO Nima Karimi said, "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.”

Empowering borrowers with clarity and choice
Unlike the convoluted and often opaque lending landscape, Lendela stands out as a beacon of simplicity and transparency. "Our platform increases access to the most affordable and realistic credit options available, taking into account each profile’s credit history. We aim to transform the borrower experience, making it easier for individuals to make informed decisions about their loans”, Karimi explained.

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 10 minutes, owing to 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 USD 3.7m 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.

Charting a path forward
Notable lead investors from Lendela’s Series A round include Cocoon Capital and Chocolate Ventures. Chocolate Ventures was started by Singlife founder and former Group Chief Executive, Walter de Oude, who recognised the pressing need for enhanced options and transparency in financial services.

De Oude emphasised that “Businesses that add real value to customers are businesses that will last. Consumer finance is a necessary part of so many lives, and making lending more democratic is a meaningful endeavour. 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.”

Looking ahead, Lendela plans to expand across the Asia-Pacific region, following its launch in Australia earlier this year. Additionally, the funds will be directed toward product development to enhance integration and broaden the scope of consumer services benefiting from greater transparency.

"We are not disruptors - we are enablers. Our platform connects consumers with the best loan providers, streamlining the process for greater efficiency so nobody pays more than necessary for their loan", said Karimi.

Hashtag: #Lendela





The issuer is solely responsible for the content of this announcement.

ABOUT LENDELA PTE. LTD.

Founded in Singapore, Lendela is Asia-Pacific’s leading digital loan matchmaker connecting borrowers with their most accurate loan options. Driven by our mission to democratise personal loans, Lendela helps consumers navigate their loan journey with ease by harmonising the interests of lenders and borrowers. Since our 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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