While the internet is no stranger to banks and other financial institutions offering credit or loans, Lenddo works on a completely different premise. The "world's first online platform that helps the emerging middle class," Lenddo grants loans to individuals based on assessment of their credit-worthiness and ability to repay the loan as collated from a lendee's social media accounts. Lenddo uses microfinance techniques that rest on a community network. In short, how much activity a person has on his or her social media accounts, who they know and who are willing to vouch for them are the factors that dictate whether or not Lenddo will answer a loan application. Repayment, delinquency and inactivity all negatively impact a user's Lenddo score, thus affecting future loan applications for the user and his or her network, as well.
A fairly new company, Lenddo began by focusing on developing countries such as Colombia and the Philippines, with local websites for each country. The company's investors include Accel Partners, Blumberg Capital, Inovia Capital, Metamorphic Partners and Omidyar Network. Lenddo provides loans for what the company rates to be life-improving needs, such as home improvement, job relocation, medical emergencies and so on. The company does not grant personal loans for retail purchases such as mobile phones on the premise that these are "wants" and are not necessities. Now with an astounding member growth doubling every 2-3 months, Lenddo has accumulated a network in more than 35 countries worldwide.