Lenddo, an online community that empowers the emerging middle class to use their online social connections to build their creditworthiness and access local financial services, has closed an $8m Series A funding.
Backers include Accel Partners, Blumberg Capital, Omidyar Network, iNovia Capital and Metamorphic Ventures, as well as angel investors Geoff Judge, David Kidder, Scott Heiferman and Barry Silbert. In conjunction with the funding, John Elton, a Partner at iNovia Capital, and Bruce Taragin, Managing Director at Blumberg Capital, will join Lenddo’s Board.
The company plans to use the capital to grow the engineering team and expand operations to more emerging markets.
Founded in 2011 by CEO Jeff Stewart, Lenddo allows members to use their reputations on social networks such as Facebook, LinkedIn and Twitter to obtain life-improving loans. Its community currently has members in over 35 countries.
The company, which currently provides loans in Colombia and the Philippines, has employees in Manila, Bogotá and New York City. Its management team includes Chief Scientist Naveen Agnihotri, Ph.D. , Co-Founder and Asia CEO Richard Eldridge and Americas CEO Dan Gertsacov.