Philippines-based incubator Kickstart Ventures, a subsidiary of telecommunications firm Globe Telecom, Golden Gate Ventures, an accelerator and seed investment firm that aims to bridge Silicon Valley and Asia, and Skype founder, Toivo Annus, have invested $6m in Lenndo, an online service that allows members to use their online social connections to access local financial services. The company was established in 2011 in the Philippines and has more than 350,000 members.
Kickstart Ventures President Minette Navarrete has expressed that the company is tapping into the emerging middle class in emerging markets, many of which are excluded from traditional financial systems.
According to Lenddo the additional funds will be used for its global rollout, as well as enhanced features for Facebook, Linkedin and Android. In Asia, its expansion will focus in Southeast Asia. But apart from the Philippines, it also will develop its existing presence in Colombia and Mexico.
Last year the company raised $8m in a series A round from Accel Partners, Blumberg Capital, Omidyar Network, iNovia Capital, Metamorphic Ventures and others.