Lenddo, a Philippines-based online microfinance firm, reportedly has received approximately USD 8 million in equity from undisclosed US investors. Lenddo is expected to use the funds to expand its operations and increase its capital base. Lenddo provides loans to its members based on their reputation on social networks such as Facebook, LinkedIn and Twitter. Members can build their Lenddo score by publishing more information about themselves, linking to more social networks, uploading pictures and inviting people to their network pages. As of 2012, Lenddo provides loans to individuals in Colombia and the Philippines. Financial data on the organization is not available. While the sources of the new investment have not been identified, Lenddo’s investors include Accel Captial, Blumberg Capital, Omidyar Network and iNova. Financial data on the organization is not available.
By Brendan Millan, Research Associate
About Lenddo: Established in 2011, Lenddo is a Philippines-based online microfinance firm. Lenddo provides loans to its members based on their reputation on social networks such as Facebook, LinkedIn and Twitter. Members can build their Lenddo score by publishing more information about themselves, linking to more social networks, uploading pictures and inviting people to their network pages. Lenddo’s investors include Accel Capital, Blumberg Capital, Omidyar Network and iNova. As of 2012, Lenddo provides loans to people in Colombia and the Philippines. Financial data on the organization is not available.
Sources and Resources:
[1] Enquirer Business: “Online Firm Lenddo Gets Support from Silicon Valley” by Paolo G. Montecillo. http://business.inquirer.net/60471/online-firm-lenddo-gets-support-from-silicon-valley
MicroCapital.org story, April 11, 2012, “MICROCAPITAL BRIEF: Lower Tax Rate Proposed for Microfinance Institutions in Philippines”, https://www.microcapital.org/microcapital-brief-lower-tax-rate-proposed-for-microfinance-institutions-in-philippines/
MicroCapital.org story, April 2, 2012, “MICROCAPITAL BRIEF: Mobile Handset Initiated Transactions (mHITs) of Australia Expands Remittance Service to the Philippines”, https://www.microcapital.org/microcapital-brief-mobile-handset-initiated-transactions-mhits-of-australia-expands-remittance-service-to-the-philippines/
MicroCapital.org story, March 1, 2012, “MICROCAPITAL BRIEF: Philippine Government Promote Microinsurance With Support from Asian Development Bank (ADB),”https://www.microcapital.org/microcapital-brief-philippine-government-promote-microinsurance-with-support-from-asian-development-bank-adb/
MicroCapital Universe Profile: Lenddo, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lenddo
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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