Lendela is leaning on the trust of ConnectID affiliated banks to provide information on their prospective customers. Anyone seeking a loan must verify their identity and age eligibility to receive a payment. Expanding into the fintech and insurance sector, companies typically offering a financial service can rely on the traditional trust earned by banks to accredit individuals’ data. The programme has a network of partners including, now adding to that, Lendela to simplify the secure loaning process. ConnectID has been quickly established as a referee seeking decisions about ‘KYC’ from banks in order to validate fintech customers.
In 2023, research found that 1 in 7 Australians have taken out a personal loan, amounting to 2.8 million Australians. As Australia is a highly-banked nation, the largest banks can accredit huge numbers of loan recipients through the integration of ConnectID.
In Singapore, where Lendela is headquartered, the loan matching platform utilises Singpass, a government-backed digital identity system to streamline the loan application process. For Lendela’s operations in Australia, ConnectID will be introduced during the initial stages of customer onboarding to pre-fill user information.
Jake Osborne, Australia Country Manager at Lendela, commented, “In line with our commitment to data privacy and the importance we place on the protection of our customers’ personal data, this integration with ConnectID comes at a time when we’re seeing significant traction among Australian borrowers,demonstrating a strong demand for our loan matching solution. Integrating ConnectID with our platform allows us to establish the highest levels of data security and accuracy from the very start of a borrower’s journey, and we have no doubt that this integration will accelerate our mission to simplify borrowing in Australia and enable greater access to financing for Australians, at a time when it’s perhaps most needed.”
Andrew Black, Managing Director for ConnectID at AP+, added, “We’re pleased to welcome Lendela into the ConnectID network. Expanding our operations into the lending space is an important step for us. We’re continuing to broaden the range of companies across different sectors that are using ConnectID to enhance their online interactions. By working with Lendela, we aim to provide a more secure and reliable onboarding process for their customers, helping to enhance data accuracy and overall user experience”
