Lendr Records Double Digit Growth in Philippines, Over $500 Million Loans Disbursedby Company Announcement April 24, 2018
FintQ the financial technology arm of Voyager Innovation, projects that loans processed through digital platforms will grow faster as more borrowers find it convenient and lending companies benefit from lower costs.
This statement was made on the back of loan disbursements processed through Lendr, FINTQ’s digital lending platform, recorded a double-digit growth in the first quarter from the same period last year.
This brings the total volume of loans booked and released through the platform to over Php30 billion (approx 500 Million USD) since Lendr was launched in 2015. Lendr has posted over 60% compounded annual growth rate in loans booked.
Lendr was also previously listed Lendr as the top 10 Fast growing fintech companies in the Philippines by IDC. Lendr’s total loan portfolio mainly comprised of salary, personal, microfinance, mSME, and agricultural loans.
“These encouraging results manifest Filipinos’ rapid digital adoption. This forms part of our metrics to leapfrog digital financial transactions to a minimum of 20 percent from the current one percent. Lendr surely provides the impetus to provide alternative and affordable access to finance even in hard-to-reach areas in the country,”
said Lito Villanueva, FINTQ Managing Director.
“Customers want a fast and easy access to money, anytime they need it, wherever they are. At the same time, we provide platforms for financial institutions, allowing them to go beyond their brick and mortar branches and tap a bigger market at a lower cost,” he added.
FINTQ is engaging more than 100 bank and non-bank institutions.
Millennials continue to dominate the digital lending market
In 2017, majority of digital platforms’s borrowers comprised of the millennial market segment. In the first quarter of this year, this scenario remained as millennials are the ones who prefer digital platforms in terms of doing their financial transactions due to its convenience.
“Majority of those who have borrowed through Lendr are single, female, employed, and are the so-called millennials or those born from 1982 to 2004. Nearly a third of our borrowers work in the government sector and the customer service industry,”
He noted that 7 out of 10 Lendr borrowers reside outside Metro Manila, signaling that even in an environment where there is a proliferation of bank branches in urban areas, consumers are shifting towards digital platforms that can provide faster and secure access to funds.
Lendr claims to have the most expansive loan offerings from partner banks and financial institutions in the Philippines. On top of the traditional salary, personal, home and auto loan products, it offers mobile crop loan, medicine loan, mSME loan, Overseas Filipino loan, and truck and equipment loan, among others.