Asia-focused lending platform Pendanaan has reportedly secured an undisclosed investment from Legend Capital.
While the exact figure of the investment was undisclosed, it is believed to have been at least million dollars, according to a report by China Money Network.
Pendanaan uses technology and big data algorithms to provide lending solutions to consumers yet to access the market or have been ignored by traditional methods. The platform allows a borrower to complete the loan application process digitally and without the need of a guarantee.
The lending application, Danacept, is downloadable on the Google store. Another app supported by Pendanaan is the D-card, which is a virtual card that is available to those with good credit scores. If a user is able to boost their score, they are able to access higher loan limits and longer repayment schemes.
Over the past week several Asia-based marketplace lending companies have received funding, with Lendingkart bagging $24.9m in debt and equity financing. SME financing platform OfBusiness closed a $3.8m debt financing round from Kotak Mahindra Bank, while small ticker business loan provider Ziploan received an undisclosed investment from Matrix Partners India.
The current year has seen a steady increase in funding to the Asian marketplace lending sector, with a QoQ rise in funding. While Q3 saw $658m deployed, compared to the precious quarters $550m, it was reached through fewer deals, with five less transactions completed.
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