Between insurance to credit card comparison sites, the realms of e-commerce have long gone beyond just Singles Day sales and ventured into avenues that used to require an agent and hidden fees.
It seems like Mudah.my is attempting to jump onto this bandwagon. The online marketplace has inked a partnership with Lendela, a Singapore-based loan comparison company, to offer their services on the Mudah.my platform. With the partnership, customers are able to apply for loans directly on Mudah.
Lendela uses a combination of customer details and direct integration with different lending sources as part of its algorithm. The goal is to bring more transparency and ease-of-use to borrowers while reducing risk and cost for lenders. The loan aggregator also strives to offer a seamless personal loan application process, with all loan applications, inquiries and issues relating to the loan managed by the platform itself.
Borrowers are able to apply for a personal loan with multiple lenders through a single application, or view relevant offers tailored to their specific demographic and financial situation.
This partnership with Mudah.my also marks Lendela’s expansion into the Malaysian market, following a US$942 thousand seed round led by Cocoon Capital and IMO Ventures in September. The expansion will allow them to tap into Mudah.my’s 8 million unique monthly visitors, at least according to the marketplace platform.
Lendela is hardly the first loan comparison company entering Malaysia, the heavily funded Bbaazar has also entered the market earlier this June. The company is also up against strong local competition from the likes of Jirnexu who is currently the top funded fintech company in Malaysia.