Globe Telecom Invests in Social Networking
Globe Telecom, one of the leading mobile networks in the Philippines, said its subsidiary Kickstart Ventures is investing in Lenddo, which continues to grow as a social-network based lending platform for emerging markets.
Lenddo, the world’s first online platform that allows members to use their online social connections to build their creditworthiness and access local financial services, has raised an additional $6 million in funding from new investors such as Globe Telecom’s Kickstart Ventures, Golden Gate Ventures and Skype co-founder, Toivo Annus.
The funds will be used to accelerate an aggressive global rollout as well as develop enhanced features for users of Facebook, Linkedin and Android. Recently, Lenddo was selected by the World Economic Forum as a Tech Pioneer, celebrated for pioneering technologies that hold promise of transforming business and society.
"The Lenddo community continues to see huge growth around the world, as we have expanded our operations this past year from thePhilippines to Colombia to Mexico,” said Lenddo co-founder and CEO, Jeff Stewart. “Our loans provide funds for everyday people to access education, health care and home improvement.”
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.
Minette Navarrete, President of Kickstart Ventures, Inc. said “emerging 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. Digital inclusion in the financial services space is as much a social responsibility as it is a rapidly growing global opportunity, and Lenddo’s proprietary algorithms and deep market insight are breaking down barriers. We are excited to help the team with our experience and network as they expand in the region and beyond.”
"Southeast Asia is one of the fastest growing markets in the world today, but traditional banks are unwilling or unable to lend credit to nearly 610 million denizens. That's why we're so excited by Lenddo's concept of financial empowerment. Through its proprietary technology and industry standard accreditations, Lenddo's innovative solution leverages the power of social networks to help traditional banks issue credit to over half a billion people.” said Vinnie Lauria, a Partner at Golden Gate Ventures”
Lenddo's mission is to economically empower the middle class in developing countries. To accomplish this, 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. Lenddo is currently providing loans to members in Colombia, Mexico and the Philippines.