Online peer-to-peer lending platform Lendico has reached the milestone of ZAR3 billion (US$285 million) in loan demands globally less than four months after launching in South Africa.
HumanIPO reported in May Africa Internet Holding (AIH) announced the launch of Lendico in South Africa, providing a digital alternative to banks and enabling investors to directly fund the loans of private individuals.
The marketplace offers borrowers cheap loans and investors attractive returns on two continents, and was initially launched in Germany in December 2013 followed by Spain, Poland and Austria.
Laurens Pohl, managing director (MD) for Lendico South Africa, said: “An increasing number of borrowers are breaking free of the high rates charges by bank and instead choosing a more favourable Lendico loan. We provide a secure and transparent loan marketplace, and offer great deals for both borrowers and lenders with no hidden fees or complicated paperwork. In future, we are confident that we can build on the achievements of the past few months and continue to help customers in South Africa save money in the loan market.”
Six months after it was first launched in Germany, Lendico is now present in five countries and counts more than 50,000 registered users. With this strong demand, the Lendico team is growing and now comprises around 150 experts from the fields of finance, risk assessment and underwriting across two continents.
