Atlanta-Based FinTech Direct Lender Releases 2015 Growth Data
LendingPoint Sees Burgeoning Demand in Consumer Credit Lending
Market
KENNESAW, Ga.–(BUSINESS WIRE)–LendingPoint, a market leading FinTech direct loan provider, has
released data on its first full year in business, showing its
groundbreaking approach and innovative customer offerings are redefining
the lending environment for fair credit consumers. To date, the company
has funded approximately $20 million in loans and processed 65,000 loan
applications, with 12,000 of those processed last month alone. This
expansion took place while the company defined, refined and perfected
its proprietary scoring models and received unprecedented funding,
garnering the attention of investors and FinTech leaders across the
lending industry.
Fulfilling a pressing need for loans to fair credit consumers, the
company 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. In its inaugural
year, LendingPoint has increased its maximum loan size from $15,000 to
$20,000 and has received more than $105 million of additional funding
capacity with industry leaders Ares Management and Aeterna Capital
Partners, in addition to $26 million raised through sub-debt and equity.
Frank Fatras, Chief Technology Officer of LendingPoint, says, “We knew
there was a high demand for loans to fair credit consumers, so we got up
and running in 90 days. In our first year, we perfected our process,
validated our models, and scaled the business to serve the needs of fair
credit consumers. We’re honored to support fair credit consumers on
their way up.”
Tom Burnside, CEO of LendingPoint, says, “I’m proud of our ability to
tell a story about and serve the fair credit consumer in a unique way.
We’ve leveraged nontraditional data to enhance the predictive power of
our models, resulting in offering more fair credit customers access to
even better loan terms. Based on our 2015 progress, we’re poised for
aggressive growth, expanding our reach to more than 50 percent of the
U.S. population by mid-year and all states by year-end.”
Atlanta-based LendingPoint, a leading FinTech direct loan provider,
is on a mission to create a fairer lending environment by helping fair
credit consumers unlock access to affordable loans. Their award-winning
leadership team holds intellectual patents for unique data modeling and
credit scoring.
Contacts
For LendingPoint
Lynn Harris Medcalf, 404-433-7620
lynnharrismedcalf@gmail.com
