The Lenddo community was recently honored at the Money2020 Conference after being selected as a LaunchPad360 presenting company. Lenddo was one of only sixteen companies (including Wisely, SimplyTapp and Fastacash among others) to present a 360 degree view of their innovative companies and their impact globally in only 360 seconds.
New York, October 15, 2013 – Lenddo, the world’s first online platform that allows members to use their online social connections to build their creditworthiness and access local financial services, announced today that they have 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. Recently, Lenddo was selected by the World Economic Forum as a Tech Pioneer, celebrated for pioneering technologies that hold 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 life improving loans to which they may otherwise not have access. Lenddo plans to focus its planned expansion on Latin America and Southeast Asia.
Minette Navarrete, President of Kickstart Ventures, Inc. adds, “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.”
“Traditional banks are unwilling or unable to lend credit to hundreds of millions of hard-working people from around the world. 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 improve their lives” elaborated Vinnie Lauria, a Partner at Golden Gate Ventures.
Lenddo’s mission is to economically empower the middle class in developing countries. To accomplish this, Lenddo is the world’s first online platform that allows members to use their online social connections to build their creditworthiness and access local financial services. Lenddo is currently providing loans to members in Colombia, Mexico and the Philippines.
Note for Editors:
Lenddo on Twitter: @lenddofriend
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Name: Kathryn Saloom
Tel: +1 646-237-3402
The world’s first online platform that provides credit through social networks.
Today is the official launch of Lenddo Mexico. Lenddo is the world’s first online platform that allows its members to use social networks to obtain personal loans and help build their credit history in an easy, fast and innovative way.
Lenddo’s goal is to help members and their community access credit by leveraging the data in social networks. Lenddo created a LenddoScore which calculates a member’s trustworthiness, specifically their willingness to pay back a loan. These same principles for lending have been used for centuries using reputation a person had in their community but Lenddo has put this online.
Naveen Agnihotri, PhD in Computational Neuroscience from Columbia University and creator of Lenddo’s algorithm, points out: “With the LenddoScore, Lenddo is scientifically measuring what has previously been done by intuition”.
Lenddo started operations in the Philippines in 2011, expanded to Colombia in 2012 and today it has over 250,000 members globally. After only three weeks operating in Mexico, Lenddo already has 5000 members.
Dan Gertsacov, Lenddo’s CEO for Latin America explains: “after witnessing the positive impact for thousands of Lenddo members in Colombia, it was clear members in Mexico would also benefit from access to credit. Mexico already has the technological infrastructure, high penetration of social networks, and underlying economic growth – what it does not yet have is broad access to online credit – Lenddo seeks to change that for Lenddo members. Our goal is to provide Mexicans with a credit alternative that doesn’t jeopardize their financial health and is backed by a highly qualified team.”
Karen Gilchrist, Mexico’s Country Manager for Lenddo adds, “we knew how great our potential was in Mexico when we decided to come here, but within a few days, we are truly impressed with how quickly Lenddo has caught on. We are moving much faster than we anticipated and have surpassed our expectations, reiterating that coming to Mexico was a great decision.”
“Lenddo is an opportunity for those Mexicans who want to improve their quality of life, pay for school, take care of a family emergency, whatever will help them get ahead in life,” finalized Gertsacov.
Accessing the loans offered by Lenddo is very easy. Members go to www.lenddo.com.mx and follow five simple steps:
Lenddo investors include Accel Partners, Blumberg Capital, Omidyar Network, iNovia Capital, and Metamorphic Ventures; these companies have also invested in successful companies such as Facebook and Groupon. Lenddo also has Latin American investors, including Woods Staton, owner of McDonalds Latin America
Lenddo’s mission is to help create an economically empowered and thriving middle class in developing countries around the world. To accomplish this, Lenddo built the world’s first online platform that empowers members to use their online social connections to build their creditworthiness and access local financial services. Lenddo is currently providing loans to Members in Colombia, Mexico and the Philippines
For more information go to: www.lenddo.com.mx
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