Lendable raises $670m for global expansion

Lendable has unlocked $670 million in new funding to expand its personal loan offerings. This move is a major signal that capital markets are still hungry for consumer debt technology. For retailers and service providers, this means more liquidity and competition in the personal lending space. Lendable uses AI to automate credit decisions, offering shoppers near-instant approvals. As they scale, expect them to become a more aggressive alternative to traditional banks or established BNPL players. This funding isn't just about survival; it is about growth. Lendable plans to move into new international markets and diversify its product line. If you are a merchant looking to offer your customers high-limit personal loans for larger purchases, keep an eye on this expansion. Access to more capital usually leads to better approval rates and more competitive interest rates for your customers. This is particularly relevant for high-ticket items where standard credit cards may fall short. Digital-first lenders are increasingly eating the lunch of legacy banks by prioritizing the user experience and speed of funding.

Source: Finextra — Lending

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