Shortly after raising a six-digit Pre-Series A round and hiring an experienced Chief Technology Officer, Plutus Software, the company behind personal loans portals LoanGarage and KreditAja in Singapore and Indonesia respectively, announced that it has signed on Robert Barnes as Chief Marketing Officer.
The ex-Head of General Insurance, Mortgages, Home Services, and other product lines at UK’s financial comparison website, MoneySupermarket.com, told e27 that LoanGarage and its sister site KreditAja are working towards becoming “destination sites” for people to find out more about loans and its various intricacies.
As an aggregator for loans, the sites play the role of a matchmaker between borrowers and lenders. Not only do they allow borrowers to submit multiple loan applications in a couple of minutes, they also help lenders stand out from the crowd with premium listing options. The firm takes a small cut of the revenue generated by the borrowers.
According to Barnes, the company is seeing “real traction” in Indonesia with KreditAja, after launching in the largest Southeast Asian country eight months ago. Prior to that, Plutus had rolled out Singapore’s LoanGarage in late-March 2013. At the moment, it is looking at a 50-50 split between the two countries with regard to its 20,000 users.
In Indonesia, KreditAja managed to partner the government to distribute US$3.7 billion worth of loans in a year. Barnes noted, “We see eye to eye with authorities and work closely with them.” The company is set to invest more on the ground in Indonesia, and grow its user base in Singapore.
2014 seems like a good year for LoanGarage and KreditAja as Plutus drives partnerships of banks in both, Singapore and Indonesia. Barnes told e27 that there are plans to build new channels for loans and go into different verticals such as credit cards, bank accounts and insurance products. He added that the team is focused on building content and a brand identity online.
The aim, at the end of the day, is to ensure that both portals become destination sites where people go to to get a bird’s eye view of the loan industry.