Lendela secures AUD 7.8m Series A round to level the playing field for Australian borrowers
SYDNEY – 23 NOV 2023 – Lendela, the digital loan matchmaking platform, announced today its successful AUD 7.8 million (USD 5 million) Series A funding round.The oversubscribed round was led by Singapore-based Chocolate Ventures, with participation from Lendela’s seed investor Cocoon Capital. The round was also joined by Phillip Private Equity and Genting Ventures, propelling Lendela’s commitment to democratise personal loans.
Lendela was founded in 2018 and expanded operations into Australia this year. The platform is on a mission to simplify and streamline the loan application process by empowering borrowers with transparent and personalised loan options, offering a refreshing alternative to the traditional labyrinth of the current lending landscape.
Founder and CEO Nima Karimi said, "Over the past decade, personal loans in Australia have seen continuous improvements as lenders invest more heavily on customer experience. Lendela builds upon this to add a layer of transparency, giving consumers more clarity such as their chances of approval.
Empowering borrowers with clarity and choice
As Australian regulators continue to promote responsible unsecured lending, Lendela stands out as a beacon of simplicity and transparency. "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.
Jake Osborne, Head of Australia at Lendela added, "We have built a solution that brings financial empowerment to every rung of the credit ladder. Our direct integration with a diverse array of lenders ensures that borrowers are never in the dark about the choices available to them, regardless of credit profiles."
Lendela's commitment to providing a superior borrowing experience is evident in its extensive track record. In the last year alone, the fintech has brought over AUD 5.7 million in savings to borrowers, thanks to its unique reverse auction model.
Over the years, Lendela has achieved remarkable milestones, including achieving profitability in its core markets and doubling its business annually. Today, borrowers using Lendela benefit from swift loan processing times from application to money in the account in as quick as 10 minutes, owing to Lendela’s seamless API integrations with lending partners and Australia's open banking ecosystem.
Charting a path forward
Looking ahead, the funds will be directed towards further expansion across the Asia-Pacific region, and product development to enhance integration and broaden the scope of consumer services benefiting from greater transparency.
"We are not disruptors - we are enablers. Our platform connects consumers with the best loan providers, streamlining the process for greater efficiency so nobody pays more than necessary for their loan", said Karimi.
ABOUT LENDELA PTE. LTD.
Founded in Singapore, Lendela is Asia-Pacific’s leading digital loan matchmaker connecting borrowers with their most accurate loan options. Driven by our mission to democratise personal loans, Lendela helps consumers navigate their loan journey with ease by harmonising the interests of lenders and borrowers. Since our inception in 2018, Lendela has empowered over 100,000 consumers with clarity and confidence to make informed loan decisions with an extensive range of choice from more than 100 lending partners. Today, Lendela serves customers in three markets with offices in Singapore, Hong Kong, Sydney and Kuala Lumpur.
