Lendela to enter Malaysia via strategic partnership with Mudah.my
By Digital News Asia November 22, 2018
- Looks to provide access to the under-served by optimising the loan application process
- Partnership to provide seamless assistance for Malaysians to purchase items
LENDELA, a digital loan broking platform, announced its entry into Malaysia via a strategic partnership with Mudah.my, Malaysia’s largest marketplace.
The traditional process of applying for and comparing loans is an outdated, complicated and time-consuming process. Lendela’s algorithm uses a combination of customer details and direct integration with different lending sources to bring transparency and ease-of-use to borrowers while reducing risk and cost for lenders.
Via a seamless personal loan application process, loan application details are sent electronically to Lendela, with all enquiries and issues relating to the loan application also managed by Lendela.
As a digital loan broking platform catering to all segments of the market, including the unbanked, Lendela is looking to improve the customer experience, and provide access to the under-served by bringing different types of lenders under one platform and connecting them with borrowers to make loan application easier.
Under the Lendela model, the loan application process is sped up by allowing borrowers to apply for a personal loan with multiple lenders through a single application. They will then be able to view valid and relevant offers tailored to their specific demographic and financial situation.
“We see a lot of potential in Southeast Asia’s loan industry, and the market is definitely ready for change. The traditional loan application process is outdated, and as a one-stop digital loan broker, we want to empower the end-user consumers whilst delivering high-quality customers to our banks and credit partners.
“We chose Malaysia as the second market to launch in Southeast Asia after Singapore because there is a lot of untapped potential between both borrowers and lenders. Our partnership with Mudah is designed to address these gaps and make sure that we leverage on our experience to connect consumers with the best credit providers in the market,” said Lendela co-founder and chief executive officer Shylendra A S Nathan.
Partnership with Mudah.my
Lendela has inked a strategic partnership with Mudah.my to provide loan broking services to its customers. Leveraging on technology by directly integrating with banks using advanced machine learning to extract the best loan deals from most major lenders in Malaysia, customers can now directly apply for loans on Mudah.my from Nov 21.
“We are pleased to be partnering Mudah.my, Malaysia’s largest marketplace. Mudah.my’s platform is well-established and this partnership will help Mudah's customers by providing them access to loans at their fingertip, to purchase the items they can own,” added Shylendra.
“We are excited to have Lendela onboard as a partner. In line with our mission to democratise commerce, Lendela’s services will help support our eight million unique visitors each month and facilitate their participation on our platform. We are confident that through this partnership, our customers will enjoy a further enhanced online marketplace experience,” said Andrew Pinto, head of Marketing, Mudah.my.
Part of the global fintech group Zentro Finmarket, Lendela’s founding team has had over 15 years of experience in helping connect consumers with credit providers around the world. Lendela recently raised US$942,000 (RM3.91 million) in a seed round led by Cocoon Capital and IMO Ventures in September 2018.