Online lending platform expands into Phl

MANILA, Philippines - Social network-based lending platform Lenddo has raised an additional $6 million for its continued expansion in emerging markets including the Philippines, Colombia and Mexico.

Jeff Stewart, co-founder and chief executive officer of Lenddo, said the additional funding came from existing stockholders as well as new investors including Kickstart Ventures of Ayala-led Globe Telecom Inc., Golden Gate Ventures and Skype co-founder Toivo Annus.

He said the funds would be used to accelerate an aggressive global rollout as well as develop enhanced features for users of Facebook, LinkedIn and Android.

Lenddo is the world’s first online platform that allows members to use their online social connections to build their creditworthiness and access local financial services.

 â€œThe Lenddo community continues to see huge growth around the world, as we have expanded our operations this past year from the Philippines to Colombia to Mexico. Our loans provide funds for everyday people to access education, health care and home improvement,” Stewart stressed.

Founded in 2011, the Lenddo community has over 350,000 members who are able to use their online reputations on social networks such as Facebook, LinkedIn, Twitter and Google to access life improving loans to which they may otherwise not have access. Lenddo plans to focus its planned expansion on Latin America and Southeast Asia.

Kickstart Ventures president Minette Navarrete said the company supports Lenddo’s mission to economically empower the middle class in developing countries including the Philippines.

 â€œEmerging markets have an increasingly important middle class who are still excluded from traditional financial systems, but technology can redefine how this market accesses financial services,” she said.

She added that Kickstart Ventures is excited to team up with Lenddo for its expansion in emerging markets.