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

Title
Author
Link
Type
Date

Documentaries, videos and podcasts

Title
Date
Link

How does Lenddo work?

June 20 2016

Companies

Company
CEO
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Products/Services

References

Golden logo
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