Lendela, a fintech company specialising in loans, has become the first in Australia to integrate ConnectID, a digital identity solution developed by Australian Payments Plus (AP+).

The integration aims to enhance data security and accuracy in the digital lending industry, aligning with Lendela's commitment to simplifying the borrowing process and providing transparent access to personalised financing options.

Headquartered in Singapore, Lendela utilises a unique reverse auction model to simplify the loan application process. Lendela will use ConnectID's digital identity solution during the initial stages of customer onboarding to pre-fill user information, ensuring a faster and more streamlined application process.

According to research from Finder in 2023, 14% of Australians currently have a personal loan, equating to 2.8 million Australians.

Australia Country Manager at Lendela, Jake Osborne, said: "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."

Managing Director for ConnectID at AP+, Andrew Black, said: "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."

Since its inception in 2018, Lendela has enabled over 300,000 consumers to make informed financial decisions with more than 100 lending partners. In 2023, Lendela successfully raised US$5M in an oversubscribed Series A to scale its model across Asia Pacific.

ConnectID was the first non-government digital identity exchange accredited under the Australian Government’s Trusted Digital Identity Framework (TDIF) and began rolling out across participating organisations in October 2023.