Lendonomy, a social app that builds globally valid credit profiles on blockchain, has quickly raised its initial 150,000 funding target through equity crowdfunding platform Seedrs. Founded in 2018, Lendonomy is a mobile-based social network for money with the P2P lending core, designed specifically for millennials and generation Z.
“Lendonomy is building a financial product that is set to become a part of a popular culture with the vision to help youth build a healthy relationship with money.”
Lendonomy further revealed that it monitors and analyzes data from bite-sized peer-to-peer loans, saves it on the blockchain and uses it to build a credit history that can be internationally verified.
“With the help of Open Banking APIs, mobile-first Tinder-like design, educational content, and the elements of gamification, we encourage reasonable credit behavior and a healthy relationship with credit.”
Lendonomy then noted its architecture will allow third parties to connect to one or several of our blockchain channels (upon consent from users) to validate the data. This means that a bank or a credit bureau that wants to check the validity of the user’s claims regarding their loan behavior can connect to our system and validate the information.
“We can provide readable JSON files with raw data or systematise the data and monetise aggregated data insights by creating industry reports. This part is by far the least explored by us, but we see a great value in it. So, we have created a solid tech foundation to enable it.”
Funds from the Seedrs campaign will be used to continue the growth and development of the Lendonomy app and products. The company is now offering 8.67% in equity at a €2.2 million pre-money valuation. The campaign will close mid-May.
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