Got a Social Media Profile? Get a Microloan from Lenddo, Which Just Snagged $8 M. for International Expansion
Letting a bank sniff around your Twitter, LinkedIn and Facebook profiles in order to decide whether to give you a loan? Sounds more than creepy to Americans. But in some parts of the world, being able to get credit based on a social media profile is a miracle. Lenddo, a New York-based startup that uses social media profiles to determine creditworthiness, has been giving out microloans in the Philippines and Columbia based on nothing more than the debtor’s social media reputation.
Lenddo has just announced its first significant round of investment. The company snagged $8 million from investors including Accel Partners, Blumberg Capital, and other funds, as well as prominent angel investors including Scott Heiferman of Meetup and Barry Silbert of SecondMarket. Read More