SG-based Lendela raises $5m to fuel expansion in Asia Pacific

Lendela management team / Photo credit: Lendela

Lending platform Lendela said it hit profitability in Singapore and Hong Kong, as well as doubled its revenue growth in the past year.

The Singapore-based company is now looking to expand its presence across Asia Pacific. To bankroll these plans, Lendela has secured US$5 million in a series A funding round led by Chocolate Ventures.

The fundraise also included participation from existing investor Cocoon Capital, as well as new investors like Phillip Private Equity and Genting Ventures.

Lendela will use the new capital to support its expansion plans following its recent launch in Australia. It said that its next targeted market launch is anticipated in the third quarter of 2024, while part of the funds will also be allocated to product development.

Founded in 2018, Lendela operates a digital loan matchmaker platform that provides borrowers with their most suitable loan options. The processing time for loans on its platform – from application to disbursement – can be as fast as 10 minutes, the company said.

In addition to Singapore, Hong Kong, and Australia, the company also has an office in Malaysia.

Since its establishment, Lendela has served over 100,000 consumers across its markets. Before this round, the company had raised a total of US$2.9 million, which consists of a pre-series A round in 2021 and a seed round in 2018.

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