Lenddo, social platform for consumer credit, gets $6M investment
Financial startup Lenddo is hoping to improve access to financing for the middle classes in Philippines, and has taken an innovative approach to credit checks. Analogous to how brick-and-mortar financing institutions would rely on community references when making credit checks, Lenddo users one’s online social connections as a gauge for determining a borrower’s reliability and credit-worthiness.
Lenddo recently closed a new round of investment valued at US$ 6 million from existing and new investors. These include Golden Gate Ventures, Kickstart Ventures and Skype co-founder Toivo Annus. The additional funding will be used to accelerate the company’s global roll-out, and also develop new features that will improve the user experience for customers on platforms like Facebook, LinkedIn and Android.