Lendela, a Singapore-based digital loan matchmaker, has announced raising $5 million in funding anchored by Chocolate Ventures, a venture investment firm started by Singlife founder and former group CEO Walter de Oude.
The Series A funding round was also backed by Lendela’s seed investor Cocoon Capital and new investors Phillip Private Equity and Genting Ventures.
The startup will use the money to expand across Asia Pacific 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.
Founded in 2018, Lendela aims 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.
“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,” Founder and CEO Nima Karimi said.
Since its inception, the startup claims to have connected over 100,000 consumers with more than 100 lending partners. Today, it serves customers in three markets with offices in Singapore, Hong Kong, Sydney and Kuala Lumpur.
According to the company, it has achieved profitability in its core markets, doubling its business annually.
“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”, Karimi explained.
De Oude, the Singlife founder and former group CEO, 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.