It might seem crazy to offer loans to people from all over the world with only their Facebook profile as reference, but Lenddo has created an algorithm that makes this not only possible, but apparently successful.
Lenddo is a mobile app that allows users to build a profile and connect it to their social media accounts. It then uses data from those accounts to assess the credit risk of candidates applying for loans.
The concept came from a clear gap in the market: the burgeoning middle class, for whom low credit scores can make it difficult to be eligible for loans and make the economic jump forward. Lenddo’s Founder and CEO Jeff Stewart estimates that this group includes 1.2 billion people worldwide. READ MORE.