When Microfinance Goes Social
Lenddo signed up with Dragonpay for its loan disbursement for qualified borrowers.
- (1888PressRelease) August 03, 2014 - MANILA, Philippines - Lenddo is on a mission to improve the quality of people's lives. Through the use of social media and technology, Lenddo offers microfinance services to the emerging middle class market. The platform combines community - based microfinance techniques with social media data to score the credit-worthiness of the underbanked market when applying for a loan. Such life-improving loans may be used for education, healthcare, home improvement or for starting a small business.
Lenddo community members build their reputation or credit-worthiness through social networks such as Facebook, Linked-in, Twitter and Yahoo. It works on the basic principle that the more people who know you or can vouch for you through these networks, the more credit-worthy you are likely to be. People who qualify for the loan need not transact physically with Lenddo. Traditional loan application requires paper works, time and physical presence. On the other hand, loan applications and processes with Lenddo are purely done online to cater to their customers who work full-time and do not have the time to visit a lending institution.
The Lenddo community has tens of thousands of members in over 35 countries and member growth continues to double every 60-90 days. To efficiently disburse loans to its members, Lenddo turned to Dragonpay for its Mass Payout electronic disbursement service in the Philippines. This online facility allows businesses like Lenddo to send money to multiple individuals or entities simultaneously across multiple banks and mobile channels. It enables organizations with hundreds, if not thousands, of members or employees to send payments in a simpler and less complicated manner.
According to Mr. Richard Eldridge, COO and Co-Founder of Lenddo, "Dragonpay's payout service has helped Lenddo dramatically reduce its turnaround time whilst also reducing operating costs for dispersing funds to our rapidly growing membership, allowing us to economically empower more Filipinos."
Robertson Chiang, COO of Dragonpay adds, "We are grateful to have been chosen by Lenddo to be their Philippine partner in reaching and providing loans to the underserved market. The Dragonpay Mass Payout platform will continue to grow and support more payment channels to keep up with Lenddo's continued growth."
About Lenddo
Lenddo is the world's first online platform that empowers the emerging middle class to use their online social connections to build their creditworthiness and access local financial services. It was founded in 2011 and maintains offices in Manila, Bogotá and New York City. Its investors include include Accel Partners, Blumberg Capital, Omidyar Network, iNovia and Metamorphic Partners. Lenddo was honored as a 2014 Technology Pioneer by the World Economic Forum.
About Dragonpay
Dragonpay is a progressive, alternative online payment provider based in the Philippines. Dragonpay enables its partner merchants to accept payments thru local banks and other brick-and-mortar outlets such as convenience stores, payment and remittance centers. Their mission is to provide a more secure and easily available e-commerce payment channel for the broad market.
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