Frequently asked questions
WHY ARE LENDDO AND EFL JOINING FORCES? WHY NOW?
Both EFL and Lenddo have been dedicated to leading financial inclusion, providing millions of people access to powerful financial products at a lower cost, faster and more conveniently. By joining forces, we have the unique opportunity to incorporate more data sources for inclusive decisioning, deliver more innovative financial products and services for our customers, and pursue our vision to promote financial inclusion for more than one billion people in the next few years. Our new company will be an unprecedented combination of strengths, with global presence, reputation and expertise, delivering the best globally-available data sources for credit scoring and verification, and unique analytics using both structured and unstructured data.
How will financial institutions benefit from this merger?
LenddoEFL offers leading alternative credit scoring and digital identity verification products. Institutions will benefit from this merger in 3 main ways:
1. Give end clients the best possible experience: With LenddoEFL, you empower your clients to use the data they choose to send a strong signal of credit-worthiness with minimal friction.
2. Safely approve more people with the optimal combination of data sources: Maximize approvals and reduce risk by leveraging the best available sources of data on a per client basis. Make decisions with more than traditional data alone.
3. Leverage the most innovative technology: Always have access to the best new data sources, leading machine learning techniques, and cutting edge verification and decisioning products. Together we will continue to bring you the tools you need to include more people in financial services.
WILL THERE BE ANY ADDITIONAL SERVICES OFFERED?
Yes, beyond our current offerings, we are expecting to be able to build new products. We will keep this website updated with information on those.
Will the LenddoEFL name change?
Most likely yes, but not yet. In the very short term the merged company will go by LenddoEFL. We anticipate a decision about a longer term brand will be made in Q1 2018.
Will there be service disruptions because of the merger?
There will be no service interruptions of any kind because of the merger. Everything that you had before, you will have after. New product releases will continue as planned and any future changes will be communicated in advance as always.
HOW DOES THE MERGER AFFECT COMPANY LOCATIONS?
There are no planned changes to the office locations as a result of the merger at the moment. However, we expect to increase the number of staff as we grow and will need need additional space to accommodate this growth.