ConnectID partners with Lendela to enhance loan matching in Australia

ConnectID, a digital identity solution developed by Australian Payments Plus (AP+), is expanding its presence in the financial technology sector with the onboarding of Lendela, Australia's first digital loan matching platform. This collaboration is expected to enhance the digital lending experience for Australian borrowers by improving efficiency, security, and data accuracy.

Lendela, headquartered in Singapore, has established itself as a significant player in fintech through its reverse auction model, which simplifies the loan application process. As it ventures further into the Australian market, the integration of ConnectID aims to further bolster the platform's security and operational efficiency for its users in the region.

Research from Finder in 2023 revealed that approximately 14% of Australians, equating to 2.8 million individuals, hold personal loans. This statistic highlights the extensive volume of applications and the significant need for manageable and secure personal data handling systems. ConnectID's integration with Lendela is set to address these needs by minimising the necessity for manual data entry during onboarding, thereby boosting data accuracy and expediting the application process.

In Singapore, Lendela utilises Singpass, a government-backed digital identity system, to streamline loan applications. Similarly, in Australia, it will leverage ConnectID's digital identity solution for the initial stages of customer onboarding. This involves pre-filling user information to make the process quicker and reduce the possibility of data discrepancies, such as name variations.

Jake Osborne, Australia Country Manager at Lendela, stated, "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+, commented, "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."

Incorporating Lendela into the ConnectID ecosystem exemplifies how digital identity solutions can secure and streamline processes across various industries. By joining ConnectID, Lendela enhances its ability to offer a credible and efficient user experience. Meanwhile, ConnectID continues to broaden its outreach, allowing more businesses to integrate secure identity verification into their operations.