Evaluating only Lendr’s profile at its peak — without knowing the outcome — the model ranked Regulation as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Lendr launched as a P2P SME lending platform in the Philippines targeting underserved small businesses.
FUNDING
Raised seed funding to expand loan book; processed over 10,000 loans to Filipino SMEs.
LAYOFF
COVID lockdowns caused mass SME borrower defaults; NPL ratio surged above 25% by mid-2020.
SHUTDOWN
Platform ceased operations after failing to raise capital to cover losses and facing SEC scrutiny.
Full Analysis
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Documented cause
Lendr, a P2P lending platform backed by First Circle and operating in the Philippines, struggled with high default rates exceeding 25% during the COVID-19 pandemic in 2020. The SEC Philippines suspended operations of multiple online lending platforms in 2021 citing abusive collection practices. Lendr's small SME borrower base was decimated by lockdowns, and the platform could not raise additional capital to absorb losses, forcing shutdown by Q3 2021.
Lesson
“P2P lending platforms need diversified borrower bases to survive concentrated sector shocks like COVID.”