16 August 2017
Find out more

Lenddo delves into credit card applicants' social media data

28 April 2014  |  7909 views  |  1 Lenddo

Startup Lenddo has launched a 'social network' credit card in Colombia that will see applicants approved or declined based on their reputations on Facebook and Twitter.

Founded in 2011, Lenddo aims to help the emerging middle class in developing countries to use their social connections to build creditworthiness and gain access local financial services.

The company's algorithms assess applicants' activity on sites such as LinkedIn, Google+ and Twitter as well as their 'trusted connections' who will vouch for them.

Lenddo secured $8 million in series a funding in 2012 and currently provides online loans in the Philippines, Mexico and Colombia. The startup is now moving into plastic, unveiling the social network Visa card, issued by Scotiabank subsidiary Banco Colpatria.

CEO and co-founder Jeff Stewart told Techonomy that more than 1000 Colombians applied for the card in its first 24 hours, handing over to Lenddo access to their social media data.

Says Stewart: "We saw what social networks did to media and news and music. This card is just another example of that."

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 30 April, 2014, 15:46

As the next step, if Lenddo is planning to post all credit card transactions on the cardholder's social media pages, Blippy's experience should serve as lighthouse.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Twitter acquires social media sentiment tracker Gnip

Twitter acquires social media sentiment tracker Gnip

16 April 2014  |  4766 views  |  1 comments | 3 tweets | 2 linkedin
DBS to deploy IBM Watson to crunch big data

DBS to deploy IBM Watson to crunch big data

09 January 2014  |  9006 views  |  0 comments | 7 tweets | 8 linkedin
Apple buys social media sentiment firm Topsy Labs

Apple buys social media sentiment firm Topsy Labs

03 December 2013  |  3848 views  |  1 comments | 6 tweets | 2 linkedin
ERN raises $1.6m for big data loyalty platform

ERN raises $1.6m for big data loyalty platform

19 June 2013  |  6242 views  |  2 comments | 4 tweets | 3 linkedin
MasterCard buys stake in data analytics firm Mu Sigma

MasterCard buys stake in data analytics firm Mu Sigma

07 February 2013  |  7816 views  |  0 comments | 5 tweets | 6 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comdownload the paper nowvisit www.dorsum.eu

Top topics

Most viewed Most shared
hands typing furiouslyBI and Analytics - A New Perspective
10871 views 0 | 2 tweets | 12 linkedin
Coinbase raises $100mCoinbase raises $100m
9942 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9261 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
8984 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8163 views comments | 6 tweets | 21 linkedin

Featured job

£100-120K Basic dependent on experience plus subst...
London

Find your next job