LendIt, the widely recognized digital finance platform that debuted in 2013, has announced its dissolution due to challenging market conditions and financial strain. Over the years, this platform spearheaded significant advancements in internet lending while simultaneously hosting numerous groundbreaking and industry-leading events for the fintech sector.
Standing at the helm of the fintech revolution, LendIt successfully facilitated 31 international events in various locations including the US, UK, Europe, China, and Latin America. These gatherings served as a powerful conduit for fintech growth, providing invaluable knowledge and networking opportunities to its attendees. Furthermore, their annual meetings challenged the fintech industry to perpetually innovate and set new boundaries.
Despite its noticeable impacts, the COVID-19 pandemic dealt a significant blow to LendIt’s financial stability, forcing a severance from events business. In an attempt at resilience, the platform refocused on harnessing the potential of the digital landscape, creating in-depth research, reports, and online courses.
LendIt’s dissolution due to financial strain
The strategic innovation, although necessary, met stern resistance due to the unpredictability of global crises and the ensuing economic fallout.
The transition to digital media proved challenging, compounded by a lack of interest from potential investors. Despite the tough predicament, LendIt persisted but to no avail. The rapid depletion of its financial resources and the hesitant involvement of potential investors eventually resulted in the declaration of bankruptcy.
In their statement, the co-founders of LendIt affirmed their gratitude for the unwavering support of stakeholders, customers, and team members over the years. They acknowledged the significant milestones they had achieved and expressed their commitment to providing excellent service despite expanding hardships.
Interestingly, the ‘One-on-One’ podcast, a product of LendIt, will continue to air its regular programming. Although the platform has ceased operations, the co-founders are resolute in their dedication to the fintech community. They envisage their journey beyond LendIt, promising to continue their fervent dedication to fintech with a commitment that mirrors their previous endeavours.
