Two organizations that facilitate lending to people and small businesses with limited credit histories, US-based Entrepreneurial Finance Lab (EFL) and Singapore-based Lenddo, recently merged. Prior to the merger, the organizations had completed a total of 5 million credit evaluations facilitating USD 2 billion in lending by 50 banks, microfinance institutions, insurers, retailers and telephone companies in 20 emerging markets.
Lenddo CEO Richard Eldridge said, “We’re excited to advance our mission of financial inclusion on a global scale….” Regarding privacy, a press release indicates that potential borrowers “will be empowered to choose if and when to use their own digital data.”
EFL’s algorithms are based on psychometric testing, whereas Lenddo’s use data such as mobile phone and social media usage. The combined organization also will provide other services, such as identity verification.
Sources and Additional Resources
PR Web press release
http://www.prweb.com/releases/2017/10/prweb14806664.htm
Lenddo
https://www.lenddo.com/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at http://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: Bankingly, Woodcore Partner to Help FSPs in Africa to Offer Digital Financial Services
- MICROFINANCE EVENT: Fintech Summit Latam; August 31 – September 1, 2023; Mexico City, Mexico
- MICROFINANCE PAPER WRAP-UP: “Digital Finance Campaign Replication Guide,” Published by USAID
- MICROCAPITAL BRIEF: Credit Café Africa, Sterling Bank Partner on $22m in Loans for Providers of Health, Education in Nigeria
- MICROCAPITAL BRIEF: Abler Nordic Leads $10m Equity, Debt Investment Round for Ergos, Agtech Offering Crop Storage in India