Lenddo has launched a new credit card in Colombia, allowing applicants to access credit according to their reputation on social media.
The company’s algorithms assess credit applicants’ activity on LinkedIn, Google+, Twitter and Facebook as well as their ‘trusted connections’ who will vouch for them. From there, Lenddo approves or declines the application.
The ‘social network’ card is processed by Visa and issued by Banco Colpatria, a subsidiary of Scotiabank.
Jeff Stewart, CEO and co-founder of Lenddo, said: "E-Commerce is really hard to do if you don’t have a credit card."
According to him, more than 1,000 Colombians applied for the card in its first 24 hours.
"We saw what social networks did to media and news and music. This card is just another example of that," he said.
Founded in 2011, Lenddo is a startup company that specialises in online lending business in developing countries. It currently provides loans in the Philippines, Mexico and Colombia.