Social Lender, a lending solution based on social reputation on mobile, online and social community platforms, today announced that it has advanced to the semifinalist round of the 2018 VentureClash competition. VentureClash, managed by Connecticut Innovations, is a $5 million global venture challenge for early-stage companies in digital health, financial technology, insurance technology and the Internet of Things.
Social Lender was founded in 2015 and has signed up over 15,000 users on their platform and recorded less than 4.1% bad debt on loans facilitated through their platform. Over 60% of Social Lender’s first-time borrowers return to the platform for more transactions. The Company has signed partnerships with Financial Institutions in 2 Countries of Operations including Sterling Bank (Nigeria), Absa Barclays Bank (South Africa), and iTrust (Nigeria) with a pipeline of 5 partners in 2 countries. Social Lender is accessible on multiple channels which include SMS, USSD and Web.
The VentureClash competition attracted nearly 300 applications from more than 20 countries around the world. Social Lender was one of 34 companies selected to advance to the next round.
“Each year, the application pool gets stronger and stronger for VentureClash, and this year is no exception,” said Matt McCooe, CEO of Connecticut Innovations. “We’re extremely excited about our semifinalists this year and look forward to getting to know Social Lender during the process.” Social Lender claims to be building a social network of Trust, Credit and much more.
VentureClash 2018 finalists will be announced on September 7, and those chosen will compete at the VentureClash finals event, to be held on October 18, 2018, at the Yale School of Management in New Haven, Connecticut.
Social Lender is a lending solution based on social reputation on mobile, online and social community platforms. Small cash requests are offered to members of Social Lender communities with a valid bank account. Cash requests are guaranteed based on the user’s Social profile and reputation.
