LendingKart, the digital lending platform dedicated to helping entrepreneurs and small businesses with working capital finance and business loans, has announced its strategic partnership with Lenddo, an online social media to evaluate borrower creditworthiness. As part of the collaboration, the duo will explore alternative credit scoring solutions based on non-financial data sources and expect to speedily improve financial inclusion in the Indian market.
Rated as one of the hottest fintech startups, LendingKart is leading the digital lending innovation in India that utilises a unique mix of analytics, big data and decision science for evaluating the creditworthiness of its customers. Hence, its integration with Lenddo is being deemed as a logical step.
Commenting on this association, Harshvardhan Lunia, CEO of LendingKart said, “In our country, it is often cumbersome for people to prove their identity and access financial services. Loan systems operate more smoothly and accurately when credit is based on community referral and peer reinforcement. That is why we joined hands with Lenddo because it is known for using non-traditional data to provide credit scoring and verification for the emerging middle class. Through this tie-up, we can help borrowers get access to new and affordable financial services with no formal credit histories.”
Lenddo recently raised Series B Funding to extend leadership in delivering credit risk and verification technology globally after years of lending experience in multiple markets to train algorithms and perfect the technology. The company sees this collaboration with LendingKart as an excellent opportunity to serve the Indian market and help them in managing risks in both web and mobile deployments with results available instantly via APIs or a secure dashboard.
“Financial inclusion is top priority in India and we want to resolve this major business challenge that often restricts and inhibits the country’s growth. By using non-traditional data, we will be able to make thousands of creditworthy consumers discoverable to lenders and we are delighted to be joining forces with LendingKart to support this change and improve millions of unbanked businesses and lives in the country,” said Richard Eldridge, CEO and Co-Founder of Lenddo.
By entering into this formal agreement, LendingKart and Lenddo will be able to explore the untapped segment of the Indian market with significant results within the next few months.