Ahmedabad-based startup, LendingKart joins hands with Singapore-based startup Lenddo and will use social media to evaluate borrower creditworthiness. As part of the collaboration, the two companies will explore alternative credit scoring solutions based on non-financial data sources and expect to speedily improve financial inclusion in the Indian market.
“In our country, it is often cumbersome for people to prove their identity and access financial services. We joined hands with Lenddo because it is known for using non-traditional data to provide credit scoring and verification for the emerging middle class. Through this tie-up, we can help borrowers get access to new and affordable financial services with no formal credit histories” said Harshvardhan Lunia, CEO of LendingKart.
Saama Capital and Mayfield Fund backed LendingKart, is a digital lending platform providing entrepreneurs and small business with working capital finance and business loans, uses a unique mix of analytics, big data and decision science for evaluating the creditworthiness of its customers.
While Singapore-based startup, Lenddo is in delivering credit risk and verification technology globally after years of lending experience in multiple markets to train algorithms and perfect the technology. Both the fintech startup sees this collaboration as an excellent opportunity to serve the Indian market and as a logical step. Lenddo is funded by investors like AT Capital, Omidyar Network, Blumberg Capital and Golden Gate Ventures
“Financial inclusion is top priority in India and we want to resolve this major business challenge that often restricts and inhibits the country’s growth. By using non-traditional data, we will be able to make thousands of creditworthy consumers discoverable to lenders,” said Richard Eldridge, CEO and Co-Founder of Lenddo.
Source: Economic Times India