Lendela bags US$5M in Series A financing for APAC expansion

Singapore-headquartered consumer credit management platform Lendela has secured US$5 million in a Series A funding round led by Singapore-based Chocolate Ventures, a VC firm started by Singlife founder and former Group CEO Walter de Oude.

Lendela’s seed investor Cocoon Capital, and new investors Phillip Private Equity and Genting Ventures, also joined.

Also Read: Lendela bags US$2M pre-Series A to expand consumer credit platform in Singapore, Hong Kong

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 is a digital loan matchmaker connecting borrowers with loan options. The platform provides borrowers with transparent and personalised loan options. 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.

Lendela CEO and Founder Nima Karimi said: “The personal loan journey is often complex and unnerving for the borrower. Consumers deserve clarity and choice when making critical loan decisions.”

“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 added.

Also Read: Matching-making for loans: Why online lending platform Lendela has set its eyes on Asia

According to the company, it has achieved profitability in its core markets, doubling its business annually.

Walter de Oude commented: “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.”