The Latest Fintech company to hit a new milestone is LendKey, after it announced today that it has surpassed the $1b mark while successfully originating and underwriting its loan products to a predominantly Millenial-aged client base.
The nearly eight-year-old company said its average borrowers age is 28, and that its top line numbers were driven by younger borrowers within the average age of 22 for its flagship student loan product, and 27 for its refinancing loan, together of which made up the bulk its $1 billion in deployed loans.
Younger borrowers are the key to long-term viability for any financial institution,” said Mike Stallmeyer, Chief Operating Officer and Co-Founder of LendKey, and added, “As we continue to gain momentum and deploy more capital for our lenders, it’s clear that online lending is part of the experience that borrowers want and need—even when they first jump into credit products on their own, or to better match their goals and wallets down the line.”
LendKey has apparently created a scalable platform - in order to reach the $1b mark - and leverages over three hundred lenders through its network - which borrowers are able to access based on their credit scores and other criteria that vary per customer. The company noted that both lenders and asset managers are partnering with LendKey to white-label its platform in order to offer their clients the lending-as-a-Service.
Vince Passione
Source: LinkedIn
“For years, online lending has been lumped into the alternative financing category,” said Vince Passione, Chief Executive Officer and Founder of LendKey. “This was done, and rightly so, to cover a host of new entrants delivering credit products in environments where traditional lenders were not as active. But as we break the billion-dollar watermark on deployment for our bank and credit union clients, it’s clear that online lending is no longer ‘alternative’—it’s simply what borrowers have come to expect at any stage of their credit journey—access, speed, and transparency.”
“This was done, and rightly so, to cover a host of new entrants delivering credit products in environments where traditional lenders were not as active. But as we break the billion-dollar watermark on deployment for our bank and credit union clients, it’s clear that online lending is no longer ‘alternative’—it’s simply what borrowers have come to expect at any stage of their credit journey—access, speed, and transparency.”
