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LenddoEFL

LenddoEFL

Lenddo EFL offers loans underwritten by social media data to borrowers without established or robust credit histories.

LenddoEFL, formerly Lenddo, was founded in 2011 by Jeffrey Stewart and Richard Eldridge. They offer credit services to people lacking credit histories by tracking people's social media activity across networks like Facebook, LinkedIn or Twitter. The loans offered are 3, 6 or 12 month microloans, often about a month's pay, dependent by region.



In 2015, LenddoEFL opened its cloud-based API to other financial institutions. A financial institution adds a bit of code to the API, add it to their workflow, and customers are able to opt in to share their social media data. LenddoEFL also offers a software development kit to help financial institutions build LenddoEFL social data gathering to their apps.

Funding

Series A

In May of 2012, LenddoEFL raised $8 million in funding. The round included investment from Accel Partners, Blumberg Capital, Omidyar Network, iNovia Capital, Metamorphic Ventures, Geoff Judge, David Kidder, Scott Heiferman and Barry Silbert.

Venture

LenddoEFL announced the closing of a round of investment for $6 million in October 2013. Investors included Golden Gate Ventures, Kickstart Ventures, Toivo Annus. 

Series B

In October, 2015, LenddoEFL announced the close of their Series B funding for an undisclosed amount. Investment was led by AT Capital Group and Life.SREDA, while Omidyar Network, Blumberg Capital and Golden Gate Ventures participated. Part of the financing saw Richard Eldridge take over as CEO from Jeffrey Stewart.

EFL merger

Lenddo and Entrepreneurial Finance Lab (EFL) announced a merger in October 2017. The merger paired EFL's psychometric data gathering for risk modelling with Lenddo's social media and mobile data risk modelling. EFL's psychometric modelling is gathered through analyzing applicants' answers to an online quiz, factoring in how long it takes them to answer a question.After the merger Lenddo became LenddoEFL.

i-Lend partnership

LenddoELF opened their technology to third party companies in 2015. In October 2018, i-Lend announced they partnered with LenddoEFL to power their lending with borrowers social data.

Timeline

People

Name
Role
LinkedIn

Andrew Weinreich

Employee



Avinash Singh

Employee



Barry Silbert

Investor



Chris Arsenault

Investor



Christopher Rogers

Investor



Dan Gertsacov

Employee



Daniel Echavarria

Investor



David Concannon

Attorney



David S. Kidder

Investor



Dr. Ray Muzyka

Investor



Geoff Judge

Board member



Helen Hockney

Investor



Jeff Paine

Investor



Jeff Stewart

Board member



John Elton

Board member



Jonathan Mirabito

Investor



Justin Hall

Investor



Key Compton

Investor



Kristina Nugent

Employee



Rufus Griscom

Investor



Scott Heiferman

Advisor



Toivo Annus

Investor



vince passione

Advisor



Vinnie Lauria

Investor



Zachary Finkelstein

Investor



Further reading

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Documentaries, videos and podcasts

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How does Lenddo work?

June 20 2016

Companies

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References