SINGAPORE – Media OutReach – November 23, 2023 –
Wait, the digital loan matching platform, today announced the success of its $5 million Series A funding round. The oversubscribed funding 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, reinforcing Lendela’s commitment to democratizing personal lending.
Lendela was founded in 2018 with the mission of simplifying and streamlining the personal loan application process. The platform provides borrowers with transparent and personalized lending options, providing a refreshing alternative to the traditional maze of today’s lending landscape.
Founder and CEO Nima Karimi said: “The personal loan journey is often complex and confusing for the borrower. Consumers deserve clarity and choice when making critical lending decisions. This has always been Lendela’s goal.
Giving borrowers more clarity and choice
Unlike the convoluted and often opaque lending landscape, 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,” explained Karimi.
Lendela’s commitment to providing a superior borrowing experience is evident in its extensive track record. In the past year alone, the fintech has saved borrowers more than $3.7 million through its unique reverse auction model. Their extensive lender network also ensures that borrowers have access to a wide range of loan options, regardless of their credit and transaction profiles.
Charting the way forward
Notable lead investors in Lendela’s Series A round include Cocoon Capital and Chocolate Ventures. Chocolate Ventures was launched by Singlife founder and former group chief executive Walter de Oude, who recognized the urgent need for improved options and transparency in financial services.
De Oude emphasized that “businesses that add real value to customers are businesses that will last. Consumer credit is a necessary part of many people’s lives, and democratizing credit is a significant undertaking. Lendela is highly valued by the customers it serves and will grow accordingly. I love companies that truly add value to everyday people and improve people’s lives.
Looking ahead, Lendela plans to expand into the Asia Pacific region, following its launch in Australia earlier this year. In addition, funds will be directed towards product development to strengthen integration and expand the scope of consumer services benefiting from greater transparency.
“We are not disruptors – we are facilitators. Our platform connects consumers with the best lenders, streamlining the process for greater efficiency so that no one pays more than necessary for their loan,” Karimi said.
Hashtag: #Wait
The issuer is solely responsible for the content of this announcement.
