Social Lender, a lending platform that determines credit worthiness based on "online social reputation", has announced plans to launch ion South Africa next month.
Faith Adesemowo, CEO at Social Lender, made the announcement at the Barclays Techstars Demo Day presentation in Cape Town, South Africa.
"With over 10,000 users on our platform, Social Lender has been solving real problems for real people. We provide a way of accessing formal credit to users using their social reputation score. You can find several user testimonials on our blog and Facebook page. It is really touching the impact we have had on our users in the past months,"Adesemowo said, according to Innovation Village.
Back in April, the company announced that out of the 10 companies selected to participate in the inaugural African leg of the Barclays Accelerator Programme powered by Techstars, it was the only Nigerian startup.
Since then, Social Lender has undergone a 13-week program which has involved intensive networking, mentoring and development. The company is incubated by Bincom ICT solutions.
"Social Lender is currently licensed to Sterling Bank. We will be announcing an additional partner bank in Nigeria shortly. As we strive to grow quickly, We are very excited at the prospect of showing that our solution can work in well-regulated market like South Africa," says Adesemowo.
In the coming weeks, Adesemowo, representing Social Lender, will be presenting at the Barclays Rise event in London, and will also be part of a panel at the London Fintech Week.
We wish the Social Lender team all the best as they strive to grow their company to become a world player in the fintech industry.