ConnectID expands network by welcoming loan matching fintech Lendela
ConnectID, the digital identity solution developed by Australian Payments Plus (AP+), is expanding its reach into the fintech sector by welcoming digital loan matching platform Lendela to the network. This partnership builds on the synergies of both brands and further reinforces ConnectID’s role as a trusted enabler of secure and seamless digital identity verification across Australia.
Lendela, headquartered in Singapore, has quickly established itself as a key player in the financial technology space through its unique reverse auction model, simplifying the loan application process. As Lendela expands its footprint in the Australian market, its integration of ConnectID aims to enhance security and efficiency for its Australian users.
In 2023, research from Finder revealed that just over 1 in 7 Australians (14%) currently have a personal loan, amounting to 2.8 million Australians. Naturally, this volume corresponds with many applications lodged, capturing personal data that needs to be appropriately managed. Furthermore, the process can often be arduous and time-consuming for borrowers. With the integration of ConnectID, Lendela is paving the way for a safer, faster, and ultimately more customer-centric digital lending experience for their Australian customers.
In Singapore, Lendela utilises Singpass, a government-backed digital identity system to streamline the loan application process. In Australia, they will leverage ConnectID’s digital identity solution during the initial stages of customer onboarding to pre-fill user information, ensuring a faster and more streamlined application process. This reduces the need for manual data entry and enhances data accuracy, helping to avoid discrepancies such as name variations.
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.”
The addition of Lendela to ConnectID’s growing ecosystem is another example of how digital identity can simplify and secure processes across diverse industries. By joining ConnectID, Lendela enhances its ability to provide a credible and efficient user experience, while ConnectID continues to expand its reach, offering more businesses the opportunity to integrate secure identity verification.
