HEADLINES

Lendr registers exponential growth as of Q1 2018

FINTQ – the financial technology arm of Voyager Innovations – projects loans processed through digital platforms to grow faster as more borrowers find it convenient and lending companies benefit from lower costs.

FINTQ – the financial technology arm of Voyager Innovations – projects loans processed through digital platforms to grow faster as more borrowers find it convenient and lending companies benefit from lower costs.

This, as loan disbursements processed through Lendr, FINTQ’s digital lending platform, recorded a double-digit growth in the first quarter from the same period last year. This brings the total volume of loans booked and released through the platform to over Php30 billion since Lendr was launched in 2015. Lendr has posted over 60% compounded annual growth rate in loans booked.

Lendr’s total loan portfolio mainly comprised of salary, personal, microfinance, mSME, and agricultural loans.

According to Lito Villanueva, FINTQ managing director, “Customers want a fast and easy access to money, anytime they need it, wherever they are. At the same time, we provide platforms for financial institutions, allowing them to go beyond their brick and mortar branches and tap a bigger market at a lower cost.”

FINTQ is engaging more than 100 bank and non-bank institutions.

In 2017, majority of Lendr’s borrowers comprised of the millennial market segment. In the first quarter of this year, this scenario remained as millennials are the ones who prefer digital platforms in terms of doing their financial transactions due to its convenience.

“Majority of those who have borrowed through Lendr are single, female, employed, and are the so-called millennials or those born from 1982 to 2004. Nearly a third of our borrowers work in the government sector and the customer service industry,” Villanueva said.

He noted that seven out of 10 Lendr borrowers reside outside Metro Manila, signaling that even in an environment where there is a proliferation of bank branches in urban areas, consumers are shifting towards digital platforms that can provide faster and secure access to funds.

On top of the traditional salary, personal, home and auto loan products, Lendr offers mobile crop loan, medicine loan, mSME loan, Overseas Filipino loan, and truck and equipment loan, among others.

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