To establish high-tech, real-time credit bureau in the Philippines, LenderLink raised $1.25 M Pre-seed funding
In an oversubscribed seed round, the fintech company LenderLink Philippines, which aims to enhance credit data infrastructure, raised $1.25 million.
The investment, which marks LenderLink’s first external fundraising round, comes from a group of investors that includes Kaya Founders, Iterative, Founders Launchpad, and prominent local business angels like Manila Business Angels, the company said in a statement on Thursday.
The statement claims that the recently obtained funds will support partnerships with important lenders and financial institutions, market expansion, and technological advancements, thereby reinforcing its role in revolutionizing the nation’s lending environment.
It should be mentioned that the company is creating the nation’s first real-time, high-tech credit bureau.
The organization wants to assist lenders in lowering their non-performing loans (NPLs). Additionally, it seeks to modernize consumer lending through its API-first platform, which gives lenders real-time access to and reporting of consumer credit risk data.
The company is opening the door for reduced consumer interest rates and increased financial inclusion in the Philippines’ rapidly expanding consumer lending market by tackling the high default rates that raise borrowing costs.
“We’ve spent years in fintech and observed that one of the biggest barriers to affordable lending in emerging markets is the lack of real-time credit data infrastructure,
“With this funding, we are addressing this foundational problem by bringing credit into the tech age, leveraging artificial intelligence (AI), data science, and automation to empower lenders while enabling consumers to rehabilitate their credit
profiles faster and more safely,” said Christo Georgiev, Chief Executive Officer of LenderLink.
Although the Philippines’ consumer lending market has expanded fourfold over the last ten years, reaching an estimated $14 billion, it is still limited by antiquated infrastructure.
By giving borrowers more equitable access to credit and giving lenders more intelligent risk assessment tools, LenderLink hopes to spur additional growth.
With five contributing ecosystems and more than 25 million records (and counting) already integrated, the company is establishing itself as a premium network where early adopters receive preferential terms for participation and a lending advantage.
The first high-tech, real-time credit data in the nation, intended to lower non-performing loans (NPLs) and enhance lending performance, is already available to member financial institutions, giving them a competitive edge.
