Singapore: Lendela, a Singapore-based consumer credit management platform, announced today it has raised US$2 million in pre-Series A financing round led by existing investors Promise Future International and Luxembourg-based early-stage VC fund 2be.lu Investments.
The startup shared the fresh funds will be used to support its growth plans across Singapore and Hong Kong, with plans to hire new talent in tech development, business development, and marketing.
Launched in 2018, Lendela connects borrowers to partner lenders through an online loan application form. The platform shared applicants would be presented with multiple offers and can sign their loan documents within 24 hours of applying.
The platform said plans to develop its product to further reduce friction for customers, providing customer identification services, alternative credit scoring, as well as continuing to speed up the loan application process.
“With COVID-19, the shift towards digitalization has accelerated across Southeast Asia. Lendela’s digital lending process is even more valuable in a pandemic with restrictions on social interaction,” said Nima Karimi, CEO, and Founder of Lendela.