Congratulations to LendingPoint!
Who doesn’t love good news? In the fall we wrote about one of our customers, LendingPoint, a market leading fintech direct loan provider. Their mission is “to create a fairer lending environment by helping fair credit consumers unlock access to affordable loans.” We partnered with them last year to to help make their mission a reality, and by leveraging Cloud Lending Solutions as their technology foundation they were able to move from concept to market in 90 days. “Build vs buy” is a widely discussed issue in fintech today, and one LendingPoint understands well.LendingPoint co-founder and CTO, Franck Fatras, a fintech industry leader, had built loan management systems in the past for one of the largest lenders in the US. Fatras understood the complexity of building such a system and decided the best way to get to market quickly and successfully was to work with an established Software as a Service solution. Fatras and the LendingPoint team are seen as fintech visionaries, and while they moved forward on this a year ago the issue is still being debated and discussed today, as can be seen in this recent Crowdfund Insider article.LendingPoint recently shared some milestones for their first full year in business. In 2015 LendingPoint funded approximately $20 million in loans and processed 65,000 loan applications, with 12,000 of those processed last month alone! The company says they have “significantly expanded operations in its first year,” and was “quickly recognized as the leading industry innovator with its proprietary scoring model, next-generation technology, quick loan approval process, and focused customer experience.” We applaud LendingPoint for its early, and hard won, success! The Cloud Lending Solutions team is proud to contribute to this company’s growth and hope for many more years of milestones met and surpassed.