Lendela secures $5m in oversubscribed Series A round to bring transparency to Asia-Pacific’s lending industry
Lendela, the digital loan matchmaking platform, announced its successful $5 million 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.
Nima Karimi, Founder and CEO, Lendela: "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. 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.''
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 $3.7 million 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.
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.
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.