Lenddo is a creditworthiness scoring platform that enables members to manage their financial reputation and gain access to financial services through their social networks. Targeting the emerging middle class, Lenddo aims to provide high quality credit risk and financial services to its customers by combining community-oriented financing tools with social network data from Facebook, Twitter, LinkedIn, Google, and Yahoo.
Evaluating customer identity
Lenddo opens a window in the emerging markets by catering to the unbanked via relationship-based banking for retail customers and small businesses. The leading fintech company has released a credit risk management software development kit (SDK) for mobile apps that enables financial institutions, alternative lenders, telecom operators and online marketplaces to evaluate their customers’ financial standing. The newly-launched technology suite assists finance companies to serve “thin-file” middle class customers in the emerging markets, where getting a credit score or a loan can be a time-consuming process and collateral frameworks may not exist. Given the lack of centralized scoring agencies in the Philippines, Lenddo aims to reduce potential fraud and operational expenses, while providing high quality customer service and increasing market share.
Anticipating risk management challenges
Currently, Lenddo successfully anticipates risk management and customer identity challenges by delivering financial solutions and life-improving products to its customers in the Philippines, Mexico and Colombia. According to CEO Jeff Stewart, Lenddo’s sophisticated algorithms return accurate results by integrating more than 12,000 alternative data from multiple sources. Additionally, given the huge number of ideas regarding the effective analysis of social network data and mobile integration, the leading Asia fintech startup can securely evaluate customer identity in the emerging markets, regardless of the customer’s location.
Larger customer base
The new mobile solution is expected to cater to a significantly larger customer base in more than 10 countries that Lenddo is already serving. It is estimated that Lenddo has already assisted more than 500,000 emerging middle-class customers around the world to improve their lives using the customer identity verification and credit scoring services. Given the increasing smartphone penetration around the globe, the fintech startup plans to expand its online platform to include additional financial products as well as more emerging markets to financially empower the middle class around the world. The software development kit can be integrated with Android apps. For customers who are not familiar with mobile apps and technology suites, Lenddo’s developers provide assistance.