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Lendonomy

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A social app to build your globally valid credit profile on the blockchain.

248%
 - 
Funded 30 Mar 2021
€150,002 target
€376,793 from 434 investors
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Business overview

Location Oslo, Norway
Social media
Website www.lendonomy.io
Sectors Finance & Payments Digital Mixed B2B/B2C
Company number 921270259
Incorporation date 4 Aug 2018
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Investment summary

Type Equity
Valuation (pre-money) €2.2M
Equity offered 14.22%
Tax relief N/A
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Business highlights

  • Signed up individuals from 64 countries to the waiting list
  • One out of 4 influential FinTech companies from Norway
  • Top 10 blockchain startups to invest in
  • Top 10 welfare companies in the Nordics and Baltics
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Key features

  • Secondary Market
  • Seedrs nominee min. €11.30 +

Idea

Introduction

Though being surrounded by credit from a young age, many still have no idea how it works. A study by TransUnion showed that 46-56% of high-school-aged students don’t understand what is factored into a credit report or credit history.

Understanding and building up credit takes years. And even if you’ve got a healthy report in your home country, credit can’t transfer across – this means that you’ll have to start from scratch.

In a world where 1 in 10 students study outside of their home country and 3.2% of the world population work abroad, we are on a mission to make credit easy, transferrable, and globally verifiable.

✅ We monitor and analyse data from bite-sized peer-to-peer loans, save it on the blockchain and use it to build a credit history that can be internationally verified.

✅ With the help of Open Banking APIs, mobile-first Tinder-like design, educational content, and the elements of gamification, we encourage reasonable credit behavior and a healthy relationship with credit.

Substantial accomplishments to date

🚀 Today: signed up people from 64 countries to the waiting list without marketing costs and integrated with 95% of the Norwegian banks.

Earlier, in chronological order:

🚀 Feb. 2019: one of the top 10 Norwegian startups to keep an eye on in 2019: https://www.eu-startups.com/2019/02/10-norwegia...

🚀 Apr. 2020: become the 1st Norwegian company to implement PSD2 and Open Banking APIs in the crowdlending industry: https://www.finextra.com/pressarticle/82016/len...

🚀 May 2020: one of the most promising startups coming out from Norway in 2020 by KnowTechie: https://knowtechie.com/some-of-the-most-promisi...

🚀 Jun. 2020: Lendonomy and our API provider Neonomics listed among 10 startups that are working to improve Finance and Welfare in the Nordic-Baltic region in the same list with Invesdor, Klarna, Transferwise, Lunar, CrediWire: https://nordicbaltic.tech/2020/05/04/10-nordic-...

🚀 Aug. 2020: Lendonomy is featured in Forbes Kazakhstan with the CEO on the cover (the cover says "Creators of the Future"): https://forbes.kz/woman/zanyat_do_stipendii_159...

🚀 Jan. 2021: Lendonomy is among 4 influential fintech companies disrupting Norway's financial space in the same list as Signicat, Vipps, and Neonomics: https://ibsintelligence.com/ibsi-news/4-influen...

Monetisation strategy

We plan to generate revenue from transaction fees (we call them "matching fees" and from charging brands to place content on our integrated educational platform).

Matching fee: 1% from the loan amount

We are now in a pilot project with 4 Norwegian companies who post videos and articles inside the application.

Our architecture will allow third parties to connect to one or several of our blockchain channels (upon consent from users) to validate the data. This means that a bank or a credit bureau that wants to check the validity of the user's claims regarding their loan behavior can connect to our system and validate the information. We can provide readable JSON files with raw data or systematise the data and monetise aggregated data insights by creating industry reports. This part is by far the least explored by us, but we see a great value in it. So, we have created a solid tech foundation to enable it.

Use of proceeds

We'll allocate 30% of the funds to compliance. Now we're moving toward securing our registration (since a license is not required) in Norway to be able to list on the app store. The plan is to get a PSP license in Lithuania and then passport it to the EU. After that - to apply for a license in the UK.

Though we're still in beta in the small country of Norway, we see a lot of great ideas coming from our users. Roughly 40% of the funds will be spent to make these ideas come true. E.g., making a credit report downloadable right from the app, saving contact details of previous matches, adding additional data points for a more accurate Trust Score and so on.

Since the word "credit" is one of the most expensive to rank for in Google, we need to be creative with our marketing. We plan to launch a referral program and engage with Social Media influencers to spread the word about Lendonomy. We plan to spend about 30% on expanding our user base.

Let's help youth build a healthy relationship with credit. Join us on our journey.

Investor Perks

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If you successfully purchase a share lot of this business, you will be granted access.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

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Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from €2,244,745

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It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

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Secondary market

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Business Involvement

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Payment options

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Drawdowns

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