Lendela, an Australia-based loan matching platform, is partnering with debt relief and management firm Revive Financial, in a move to empower Australians who struggle to secure loans due to financial distress.
By integrating debt management solutions from Revive Financial into its loan matching ecosystem, Lendela aims to offer consumers in Australia tailored debt solutions to help them regain financial stability. Through this integration, borrowers who do not qualify for traditional loans due to high debt levels will receive alternative financial relief options, including debt consolidation and formal debt agreements, with tailored repayment plans.
A quickly expanding segment of Australians is facing increasing financial strain. In fact, nearly half of Australian households are struggling with essential costs due to inflation and stubbornly high interest rates. according to Compare the Market’s Household Budget Barometer.
Lendela’s data indicates a five-fold year-on-year increase in the share of loan applications from borrowers struggling to meet traditional lending criteria due to high levels of unsecured debt. Meanwhile, Lendela’s landmark reports on debt consolidation and young adult borrowing published last year revealed a sharp rise in cost-of-living-related borrowing across most demographics.
“Lendela’s customer experience has always been driven by the financial wellbeing of Australians who engage with our platform — whether through a successful loan match or alternative financial solutions,” explained Jake Osborne, head of Australia at Lendela. “We have partnered with Revive specifically because they share our vision for an equitable financial ecosystem, where financial rehabilitation and customer care form the bedrock.
“This partnership extends that commitment by ensuring that those in financial distress aren’t left without options. Instead of being turned away and kicked when they’re down, they’ll now have access to structured pathways to regain financial stability.”
Helping Australians take back financial control
The integration will also introduce an intuitive assessment tool, enabling customers to seamlessly transition from Lendela’s platform to Revive Financial’s. Borrowers who are unable to secure a loan through Lendela will receive clear, personalised recommendations on available debt solutions, with the ability to take action immediately.
Craig Francis, chairman and CEO at Revive Financial, added: “Lendela’s successful expansion into the Australian market in 2023 highlights the power of a simplified and transparent customer experience as a driver of growth.
“Our partnership with Lendela enables Revive to support more Australians in taking back financial control, creating an end-to-end experience that ensures no one is left behind. We believe financial recovery should be accessible, simple, and transparent—this partnership achieves exactly that.”
By providing borrowers with real, personalised loan options instead of generic advertised rates, Lendela say it has saved its users a combined A$50million in interest on average in 2024 alone, helping tens of thousands of Australians secure their most competitive financing options at a time when they have had to borrow to cope with an unprecedented rise in cost of living.
The fintech platform has facilitated over 400,000 loan applications to date and counts well over 100 lenders across the region as partners, including some of the most recognisable lenders in Australia, Singapore, and Hong Kong.
