Online firm Lenddo gets support from Silicon Valley

Philippine-based online microfinance social networking firm Lenddo has received over $8 million in fresh equity from Silicon Valley investors as the company seeks to further expand its reach and capital base.

In a statement, Lenddo, which lends money to its members based on credit scores that are measured from the quality of friends users have, said venture capital firms from California such as Accel Partners, Blumberg Capital and Omidyar Network, as well as Montreal-based iNovia Capital and New York based Metamorphic Ventures are now among the firm’s investors.

“Several prominent Angel Investors like David Kidder of Clickable.com, Scott Heiferman of Meetup and Barry Silbert of SecondMarket also gave their financial support to Lenddo,” the company said.

“We are proud to have already helped tens of thousands of Filipinos since we launched last year. With the additional investment, we will be able to improve the lives of millions of young professionals in emerging markets across the world,” Lenddo co-founder and CEO Richard Eldridge said.

Using an online platform, members use their reputation on social networks like Facebook, LinkedIn and Twitter to build their credit-worthiness and have access to financial services, such as life-improving loans.

Lenddo provides loans exclusively in the Philippines and Colombia.