FindTheLoan.com, Singapore’s pioneering loan marketplace, has successfully closed its seed funding round, paving the way for the launch of its new platform, Loan Comparison 2.0. The platform promises to revolutionise the loan application process by allowing borrowers to connect directly with multiple lenders, eliminating the need for intermediaries and enhancing transparency and efficiency.
The company’s founder, Daniel Tan, highlighted the need for a more transparent loan marketplace, especially in light of practices observed during the COVID-19 pandemic. “During COVID, we saw our peers exploiting the situation by cherry-picking customers or jacking up their finder’s fees,” he stated. Loan Comparison 2.0 addresses these issues by providing a seamless, end-to-end process that empowers borrowers to apply and compare offers directly on a single platform.
Investor Alan Li, a seasoned entrepreneur, expressed confidence in the platform’s potential, citing the dynamic financial landscape of Southeast Asia as a fertile ground for such innovations. “The loan industry in Southeast Asia presents immense opportunities due to its growing demand for accessible credit solutions,” Li noted.
Md Ishak, another investor and managing director of Dazzling Xchange, emphasised the platform’s automation as a key differentiator. “What truly sets FindTheLoan apart is that it is fully automated, with no human loan broker involved,” he said, highlighting its potential to disrupt traditional comparison websites.
FindTheLoan.com aims to fill the regulatory gap in Asia’s loan industry by offering a fully digital and transparent experience. As the platform scales, it is poised to challenge existing loan comparison sites, particularly as regulators scrutinise the clickbait nature of indicative rates.
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