Walter de Oude’s Chocolate Ventures Leads Lendela’s US$5M Series Aby Fintech News Singapore November 23, 2023
Lendela, a digital loan matchmaking platform, announced that it has successfully completed a US$5 million Series A funding round.
This round was led by Chocolate Ventures, a venture firm based in Singapore. The fundraise was also joined by the platform’s initial investor, Cocoon Capital, as well as new backers like Phillip Private Equity and Genting Ventures.
With the fresh funds, Lendela said that it plans to expand its operations across the Asia-Pacific region and invest in product development to further enhance its services.
This expansion follows the company’s recent launch in Australia and aims at increasing transparency in consumer services.
Established in 2018, Lendela aims to simplify the personal loan process with its platform that offers transparent and personalised loan options. With API integrations with lenders and government-backed open banking systems, Lendela is able to process loans in as little as 10 minutes.
Over the past year, Lendela has reportedly saved borrowers over US$3.7 million through its unique reverse auction model, which offers a broad range of loan options to suit different credit and transactional profiles.
The firm reported that it had achieved profitability in its core markets and doubled its business each year.
Walter de Oude, Founding Partner of Chocolate Ventures said,
“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.”
Nima Karimi, Founder and CEO of Lendela said,
“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.
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.”