Lendela, a Singapore-based loan broker, has raised $940,000 in seed financing led by Cocoon Capital and IMO Ventures.
Founded in 2018, the company is a Southeast Asian digital loan broker helping consumers to access better interest rates on personal loans. The app enables users to apply for a loan and review different offers from lenders tailored to the specific demographic and financial situation of the borrower.
Its technology is directly integrated with banks and uses machine learning to simplify the comparison process. The various offers are compiled by Lendela platform and its algorithms identify the loan which best fits the needs of the borrower.
The platform is currently in its beta release in Singapore and Malaysia, with the full release scheduled for later in the year.
Cocoon Capital managing partner Will Klippgen said, “Lendela is part of the new wave of empowering Asian consumers. Applying for and comparing loans are complicated and time-consuming processes and one bank can never satisfy all customer segments. Lendela’s matchmaking engine solves this problem, and we are very excited to join this amazing team on their journey.”
Fellow Singapore-based FinTech company Rate3 Network closed its token sale on $15m earlier in the month. Rate3 is a blockchain-based platform to help companies tokenize their assets and manage a unified identity across different blockchains.
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