P2P lender LenDenClub partners with Singapore’s CredoLab for better underwriting
LenDenClub, a leading peer-to-peer lending platform, has partnered with Singapore-based CredoLab, a leading developer of bank-grade digital credit scorecards based on smartphone metadata. LenDenClub’s integration of CredoLab’s credit scoring solution, CredoSDK, will assist the company in building intelligence on customer personas, aiding in the assessment of each borrower application, based on personal, professional, and financial credentials.
CredoSDK uses non-intrusive, non-personal smartphone metadata to assess the behavioral score of the applicant within seconds. Through an easy-to-implement collection of software development tools, also known as an SDK, LenDenClub will use CredoLab’s AI-driven algorithm to further propel financial inclusion throughout the country, the company said in a statement.
Bhavin Patel, Founder, and CEO of LenDenClub said, “With the right set of technological advancements, LenDenClub aims to bolster financial inclusion in the country and is building a tech-system through which we can do application assessment, credit underwriting, and loan disbursal within few minutes in any part of the country. At the same time, we aim to derive maximum insight from an application by taking minimum data from the applicant, thus developing a stronger self-learning credit-scoring algorithm. CredoLab’s solution will help us do just that, by building additional intelligence on customer personas.”
“As we strive to facilitate access to fair credit for consumers across Asia, joining forces with a company that upholds the same belief system is something we are passionate about. India is a huge target market for us and having reputable, trusted, partners, such as LenDenClub, will assist us in our overall mission of providing financial services to the underserved & unbanked population. We look forward to a positive, impactful future of working together with the LenDenClub team,” Tarun Kumar Kalra, Global Head of Sales, CredoLab added.
With peer-to-peer lending platforms now being declared under the purview of Reserve Bank of India as Non-Banking Financial Companies (NBFCs), LenDenClub intends to continue to redefine the loan disbursement process in new-age India. It has so far seen a loan disbursement of over INR 1 billion.