digital lending - FinTecBuzz

Baker Hill Appoints Andy Ivankovich as New CEO

PRNewswire — Tue, 13 Aug 2024 15:30:56 +0000

Baker Hill, a leading financial technology provider in delivering software solutions for loan origination, risk management and analytics, named Andy Ivankovich its new Chief Executive Officer.

As CEO, Andy will lead Baker Hill by leveraging his extensive background as an innovator in the lending technology industry. Andy and Baker Hill aim to drive innovation across the company’s product suite and enable financial institutions to optimize and modernize their lending operations. Andy’s entrepreneurial spirit and product-focused approach position him to drive innovation within the company’s product offerings. Andy’s leadership will solidify Baker Hill’s position as a market leader, ensuring clients benefit from forward-thinking lending solutions that enable them to grow and serve their local communities.

Andy is an experienced fintech executive and entrepreneur who brings over two decades of experience in the financial services industry to Baker Hill. He has a strong track record of developing innovative, customer-centric software solutions in digital lending. Following Fiserv’s acquisition of iLendx, a company he founded while pioneering cloud-native lending origination products, he oversaw Fiserv’s lending and deposit software products and services division. Before his software career, Andy was a banker and managed a $14 billion lending portfolio as a product executive with USAA, where he also developed and is a named inventor on USAA’s lending technology patents. Andy is a veteran of the U.S. Air Force.

“I am truly honored to be appointed Baker Hill’s Chief Executive Officer and look forward to building upon the strong foundation Baker Hill has built over its 40-year history,” said Ivankovich. “Baker Hill is consistently recognized as a leading fintech company with world-class products. The team has cultivated a reputation for driving innovation in lending for banks and credit unions to better serve their communities. I am proud to join this team of experts and look forward to leading Baker Hill through its next stage of growth and ushering in a new era of innovation for our clients.”

Brian Longe, Chairman of the Board for Baker Hill and former CEO of Wolters Kluwer Financial and Compliance Services, said, “Andy has demonstrated forward-thinking leadership throughout his career, and he is well-acquainted with Baker Hill’s mission. His product and client focused approach, entrepreneurial background, and forward-thinking innovation make him an excellent choice to lead Baker Hill.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Baker Hill Appoints Andy Ivankovich as New CEO first appeared on FinTecBuzz.

Corridor Platforms partners with JAM FINTOP

BusinessWire — Wed, 24 Jan 2024 17:30:29 +0000

Corridor Platforms, a next-gen digital decision platform enabling banks to leapfrog to best-in-class digital decisioning capabilities economically and quickly, has partnered with JAM FINTOP⁽¹⁾, a venture capital firm that invests in bank technology on behalf of regulated financial institutions.

The rapid adoption of digital lending and banking products by consumers is redefining loyalty in the banking industry. Despite investing in front-end digital capabilities, mid-tier banks may encounter obstacles in achieving high-quality, real-time decisioning capabilities due to legacy data infrastructure, competition for analytical talent, and manual or inefficient compliance processes. With consumers having easy access to alternatives and due to sophisticated targeting over the internet, smaller banks that are slow to transform may find it difficult to win and retain attractive customers.

“Banks that do not prioritize upgrading their digital decisioning capabilities risk falling behind and losing significant market share to competitors who are adopting comprehensive digital transformation strategies, incorporating hyper-personalized models and advanced real-time decision strategies,” said Manish Gupta, Corridor Platforms CEO.

Corridor Platforms Risk Decisioning-as-a-Service (RDaaS) offering enables turnkey digital lending and deposit programs for mid-size banks, credit unions and credit card providers. RDaaS leverages advanced analytics, AI and the cloud to deliver instant decisions necessary to support digital initiatives such as point-of-sale financing, digital loans, cross-selling, deposit pricing and real-time credit limit changes. With RDaaS, institutions can capitalize on a hosted advanced decisioning cloud that integrates external and internal data sources, while ensuring that banks retain full control over compliance and governance.

With this offering, Corridor brings the collective power of the industry’s leading technology, analytics, and governance experts together to create a solution that makes banks competitive quickly, while transferring critical know-how so that they become self-dependent in the future. Corridor transfers transformational capabilities to the bank, reducing continued dependency on third party providers for core functions that regulators expect banks to have in-house.

Gupta added, “The decision to build, buy, or rent decisioning capability is a strategic one. While outsourcing some parts, like a risk score, may give you some immediate impact, it is imperative that you become self-sufficient in-house sooner rather than later for all your digital decisioning components to achieve sustained differentiation. All of banking will soon be digital, and it is not advisable to outsource a core function.”

“The JAM FINTOP Network of banks is increasingly looking for ways to leverage data lakes, upgrade their own digital decisioning and analytics capabilities to compete against the large banks and nimble fintechs. We are excited to partner with Corridor Platforms to help mid-market banks do this quickly and cost-effectively,” said Adam Aspes, Managing Partner, JAM Special Opportunity Ventures.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Corridor Platforms partners with JAM FINTOP first appeared on FinTecBuzz.

FinTech Interview with Jeff Grobaski, Founder and Chief Executive Officer at Epic River

FTB News Desk — Thu, 23 Nov 2023 13:30:43 +0000

Get insights from Jeff Grobaski discussing digital banking for streamlined payments.

Jeff Grobaski CEO and Founder, Epic River

Jeff, tell us about your journey leading up to the founding of Epic River? What inspired you to start this venture?
I would love to explain what brought Epic River to where we are today. In 2005, Epic River was established to streamline the digital lending process for banks and credit unions by delivering a user experience superior to that of big banks and non-bank lenders.

Then, in 2010, our company was seeking ways to expand our business and we were approached by one of our clients, the Bank of Colorado. The bank had initiated loan transactions with a Health Maintenance Organization (HMO) and needed to digitize the process of scanning and uploading signed documents. We helped the bank achieve their goals, but in doing so, we recognized a much larger opportunity, leading us to collaborate closely with the bank and healthcare provider to better understand the evolving landscape.

As the Affordable Care Act reshaped the industry, we established a purpose-built module on our platform for the Bank of Colorado to expand its network of participating hospitals, resulting in a continued surge in loan volume. We realized this patient lending approach was unique to the industry and determined this space presented a strong growth opportunity for our platform.

Epic River is known for infusing innovation and alternative approaches into the financial sector. Could you share an example of a particularly innovative solution or approach that Epic River has introduced to the market?
Absolutely, we have proudly introduced several new solutions to the market that I can share. In 2005, we launched ProSign, the first eSign solution built for banks. This solution enabled banks and credit unions to collect all necessary signatures from applicants, distribute disclosures and gather all necessary customer documents, regardless of whether there is one consumer borrower or dozens of commercial signers.

This platform then allowed us to capitalize on two different market opportunities.

The first opportunity was after the introduction of the Affordable Care Act, Epic River was the first to launch a patient lending software platform in 2011 for community banks and credit unions to help patients access alternative payment financing options. Our unique offering allows healthcare providers to improve cashflow, offload nonpayment risk, and eliminate the burden of payment plans.

The second opportunity came during the COVID-19 pandemic. Epic River was able to quickly and effectively create a module on the platform to allow community financial institutions to gather Paycheck Protection Program applications, closing documents, and forgiveness applications. Community financial institutions employees worked tirelessly to ensure the small businesses in their community received the funding they needed to stay afloat during that tumultuous time and we’re proud to say that the Epic River Platform was there to help.

How has your background in software development and product management shaped the strategic direction of Epic River?
With a foundation in software development, I understand that a good product development team needs leadership that can definitively speak for the market. We strive to make sure our designers and developers can focus on what they do best while product and executive management makes sure the product they are building will solve a problem for the market. One of my key strengths is providing the coverage for my leadership team to place people in the right position for success. A very small number of Epic River team members are working in the job for which they were hired. We love ambitious people and the way you keep ambitious people on the team is by giving them the ability to follow their ambitions wherever it may lead them. We have people who were hired for bookkeeping and now run quality assurance, testers who have become accomplished front-end developers and directors who were originally brought in as interns.

Could you elaborate on how Epic River’s solutions create a superior user experience for banks and credit unions compared to marketplace and peer-to-peer lenders?
What sets our Patient Lending solution apart is that it was built specifically to bridge the ever-widening gap between healthcare bills and affordability to the patient. This gap is a particular problem for those who are employed, own a home, have a family but are living paycheck-to-paycheck. Our solution gives these patients the ability to determine the best option for their family from the privacy of their own home and without having to talk to anyone. From zero-percent financing for short term loans and low-interest if they need a lower monthly payment that comes with a longer term, we have built the infrastructure between healthcare and financial institutions that puts this decision directly in the hands of the patient.

Unlike other fintech options, we do not limit or change the program based on credit score and we offer our Patient Lending platform to healthcare providers without licensing fees, ensuring that additional costs aren’t passed along to the patients.

Patient-directed loan terms, local community lenders partnered with local community healthcare providers, all delivered through an easy to use and fully integrated online platform. Our solution offers essential support to patients, generates low-risk revenue for financial institutions, and positively impacts healthcare providers.

Since its inception in 2005, Epic River has been delivering innovative software solutions. What would you consider as some of the key milestones or achievements for the company over the years?
We have achieved several recent successes that I am proud to share! In 2023, we celebrated a significant milestone as we processed our one-millionth loan, underscoring the strength and scalability of our solution. We take pride in the fact that our platform has empowered numerous community banks and credit unions to discover and capture new loan volume, all within a single platform.

We have also recently partnered with regional banks poised to offer patient lending on a national scale. This collaboration unlocks new opportunities as more healthcare providers are nationally owned and operated requiring a different profile bank partner with a wider reach and larger lending capacity.

Epic River specializes in streamlining and accelerating payment processes for healthcare providers, financial institutions, and patients. Can you share a success story or case study that highlights the impact of your solutions on one of these stakeholders?
Absolutely, one partnership I am particularly proud of is our work with BankVista. BankVista is an independent community bank based in Minnesota. Leveraging our platform, BankVista introduced low-interest loans with a duration of up to five years, aimed at assisting patients in covering their medical expenses. BankVista’s commercial team manages the healthcare provider on-boarding process, ensuring only healthcare providers that demonstrate strong management and financial accumen.

BankVista’s adoption of our platform was driven by the desire to enhance its Community Reinvestment Act (CRA) standing, create new interest revenue through very low risk, high-quality loans and foster immediate deposit relationships. In the first 12 months of implementing our program, BankVista achieved outstanding results, issuing hundreds of new loans totaling over a million dollars in principal.

The unique offering of Epic River allows providers to offload nonpayment risk through low-interest patient loan agreements. How does this model benefit both healthcare providers and financial institutions?
Our model benefits both healthcare and financial industry professionals because they share a common approach to what they do – they possess similar goals of delivering exceptional service and building goodwill in their communities. The Epic River platform unites these community leaders, creating a triple-win for the financial institution, the healthcare providers and their patients.

With the proliferation of high-deductible insurance plans, many patients don’t have enough
savings to cover out-of-pocket expenses, resulting in 55% of patient responsibility never being recovered by healthcare providers. Hospitals need to improve accounts receivable and decrease collection costs to assure financial integrity, improve services and support future growth. Our program model effectively accelerates patient payment, minimizes collection expenses and enhances cash flow for participating healthcare providers.

Patient loans also provide a unique lending opportunity for community banks and credit unions – an additional interest revenue stream with a low customer acquisition cost. Loans are guaranteed by the healthcare provider, meaning there is no risk to the financial institution. This empowers community banks and credit unions to facilitate immediate, positive impacts, build trust, gain new customers and shore up financial integrity within their communities. While patients can avoid collections and eliminate the stress of a looming medical bill.

In a rapidly evolving tech landscape, how does Epic River stay ahead in terms of technology trends and innovation?
Our team maintains a few key strategies when it comes to monitoring tech innovation trends. We regularly conduct market research to identify emerging trends and evolving regulatory requirements. This approach allows our product roadmaps to remain aligned with market demands while identifying technologies that could be deployed to assist our customers.

We have a large customer base with an active group of customer advisors. The ability to quickly communicate with a tight group of financial institution leaders, IT staff and operations personnel allows us to test out new technology concepts through conversation, prototyping and beta testing to ensure market fit.

Can you share any insights into the future of financial technology and how Epic River plans to adapt and innovate in response to emerging trends?
Of course, I’m excited about the future of financial technology, particularly the potential for low-code or no-code integrations. Although many financial institutions are looking to integrate various systems to create the best digital experience, these integrations often require costly and time-consuming maintenance and updates.

Low-code or no-code integrations could streamline this process, taking the integration process out of the coding world and making it accessible to the operational staff making it easier to connect components and reducing the need for high-cost and disruptive programmatic interfaces. This innovation also offers the potential for self-healing mechanisms, enhancing efficiency and reliability. While this concept is still in development, I’m closely tracking its progress as it holds significant promise for the future of financial technology. Keeping a vigilant eye on these emerging trends allows our team to proactively prepare for the future of our platform.

What are some of the core values and principles that guide Epic River’s operations and decision-making processes?
Our team is guided by two core principles that shape our operations and decision-making processes. The first is a commitment to autonomy, as we do not believe in micromanaging our team. We trust our employees to complete their tasks independently and effectively, fostering high-quality work. The second principle is a culture of proactive collaboration, where team members are encouraged to identify opportunities for improvement across various aspects of our organization. We acknowledge and reward those who actively contribute to enhancing our operations regardless of their primary role.

As a leader, what do you consider as the most critical qualities or skills for navigating the challenges and opportunities in the fintech industry?
In my experience, there are several skills successful fintech leaders must cultivate. Given the ever-evolving landscape of technology and financial trends, it is incredibly important to have an adaptable mindset in the fintech industry. The market is always evolving and fintech leaders must actively embrace opportunities for continuous learning to ensure they remain well-informed about these industry shifts. To best serve customers, fintech leaders should also strive to be attuned to changing customer needs to create truly user-centric solutions and experiences.

In addition, one of the most unique challenges in fintech is the role of regulation. It is not good enough to make a strong product and solve a problem in the market. You must do so while ensuring you stay within regulatory boundaries. Everything from technology decisions to partnerships to marketing must stay abreast of the ever-changing regulatory environment. While laws and policies can be challenging, they also offer tremendous opportunity and I know how critical it is to have team members who not only have the skills necessary to monitor the regulatory environment but actually thrive in that role.

How do you envision the future of Epic River in the next five to ten years? Are there any exciting developments or initiatives on the horizon that you’d like to share?
Certainly, there are a few initiatives we plan to bolster to further the growth of our program. In the coming years, Epic River will continue to expand our platform and partnerships to further harness the relationships and access community financial institutions maintain. The community connections together with Epic River’s ever improving digital platform creates an interconnected referral network between community leaders with a strong willingness to listen to and trust one another.

In addition, we will be expanding to solve another problem in the healthcare space. Physicians, healthcare practices and clinics regularly need access to working capital due to the cash flow challenges presented by providing care to patients. These commercial entities often resort to signing up for loans with predatory interest rates because of an urgent need and a lack of awareness of better options. Our community financial institution network is now large enough and our platform has advanced to a point where we can provide loans with minimal interest rates to the individuals and facilities that provide medical care to our communities.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post FinTech Interview with Jeff Grobaski, Founder and Chief Executive Officer at Epic River first appeared on FinTecBuzz.

Idaho Central Credit Union selects Upstart for Personal Lending

BusinessWire — Thu, 21 Sep 2023 16:00:17 +0000

Idaho Central Credit Union, the fastest-growing credit union in Idaho and one of the top-performing credit unions in the country, announced its partnership with Upstart , the leading artificial intelligence (AI) lending marketplace, to provide personal loans to more people.

“Idaho Central Credit Union is dedicated to helping members achieve financial success through the best lending product for all stages in their life,” said Edward Tierney, Chief Lending Officer of Idaho Central Credit Union. “We have partnered with Upstart to be a fintech partner to grow and scale our personal loan offering and membership through a seamless, automated lending experience.”

Idaho Central Credit Union became an Upstart Referral Network lending partner in July 2022. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Idaho Central’s credit policies will receive tailored offers as they seamlessly transition into an Idaho Central-branded experience to complete the online member application and closing process.

“We are excited to have Idaho Central Credit Union be a part of the Upstart Referral Network,” said Michael Lock, Senior Vice President of Lending Partnerships for Upstart. “Through the Upstart Referral Network, Idaho Central is able to acquire more members across Idaho, Washington and five counties in eastern Oregon by offering its personal loan product through a modern, AI-powered digital lending experience.”

Fintech News – The Latest News in Financial Technology.

The post Idaho Central Credit Union selects Upstart for Personal Lending first appeared on FinTecBuzz.

Pismo introduces digital lending functionality

PRNewswire — Thu, 09 Mar 2023 08:30:24 +0000

Pismo, one of the world’s fastest-growing banking Software-as-a-Service (SaaS) firms, has announced a new capability of its core banking and payments platform: digital lending.

Digital lending is part of Pismo’s cloud-native and API-based platform. It brings agility and flexibility to accelerate the creation of new products, covering traditional business and consumer offerings, as well as new opportunities such as Buy Now Pay Later (BNPL), for banks and fintechs of all sizes.

The lending landscape has changed dramatically over the last few years. It will continue to shift to a higher volume of loans, with lower transaction values, presenting a challenge that requires scalability and integrity. The global lending market is expected to grow to $11,285.05 billion in 2026 at a compound annual growth rate (CAGR) of 9.6%

Juliana Binatti Motta, co-founder and CPO at Pismo, says: “With a larger portion of people using small amount loans, banks and fintechs need a nimble solution to power embedded lending experiences, allowing them to rapidly respond to market changes, while creating new revenue sources. That’s how our new capability was designed”.

Since its Series B funding round led by SoftBank, Amazon, and Accel, which raised $108 million in October 2021, Pismo has grown exponentially. The company now has operations in Europe, North America, Southeast Asia, India and Latam.

Pismo was founded in Brazil and has deep experience developing and implementing banking and cards solutions for digital banks and large financial institutions, including Itaú, BTG Pactual, and N26.

“Pismo’s digital lending extends our platform capability and enables customers – both new and existing – to augment their banking and card operations with a lending product that matches both the scale and time to market that our customers have come to expect,” adds Juliana.

For more such Updates Log on to https://fintecbuzz.com/ Follow us on Google News Fintech News

The post Pismo introduces digital lending functionality first appeared on FinTecBuzz.

NYMBUS Secures $12 Million in Growth Funding

BusinessWire — Wed, 10 Jun 2020 18:34:53 +0000

NYMBUS^®, a provider of the world’s most advanced financial services platform, today announced it has completed $12 million in a new financing round led by the company’s major shareholders of Insight Partners and Vensure Enterprises. The focus of the investment will be used to support rapid market penetration for the NYMBUS SmartEcosystem that is in overwhelming demand as more financial institutions are in the critical position to digitize their banking operations and customer-facing channels that consumers depend on now more than ever FinTech News.

A revolutionary alternative to outdated legacy technology, NYMBUS’ cloud-based SmartEcosystem allows every size of financial institution to buy back decades of lost time and get to market almost instantly with modern digital-first solutions. It uniquely unifies all of their required banking functions and operational services at a fraction of the time and cost previously available to engage and support the entire digital customer journey.

“This latest funding points to confidence and demand in the marketplace for innovative solutions that financial institutions can rapidly deploy in order to thrive in a digital-dependent world,” said Scott Killoh, CEO and Founder of NYMBUS. “Time is of essence as COVID-19 has amplified this urgency for seamless digital banking experiences. NYMBUS is fortunate to have the proven products and tools in place to make digital transformation immediately available for more banks and credit unions, and with this funding, the financial backing to drive our growth at scale.”

The company’s SmartLaunch model has gained tremendous momentum for providing the bundled technology, complete operational support, and full-service digital marketing and integrated CRM solutions to quickly stand up a fully-outsourced digital bank. Similarly, NYMBUS most recently introduced SmartLenders as soon as Congress passed the CARES Act on March 27, to help make the Paycheck Protection Program (PPP) loan process simple and fast for participating banks and credit unions to urgently help their local communities and small businesses. The unified solution transforms institutions’ legacy technology infrastructure for this urgent use case into a rapid deploy PPP solution where banks require no knowledge or skills to operate the system. NYMBUS handles everything as a service, no core conversion or additional staff are required.

“We’ve increased our commitment to NYMBUS as they continue to build out a full ecosystem of products and services that is being overwhelmingly received within the market as a proven alternative to the traditional banking model,” said Peter Sobiloff, Manager Director at Insight Partners. “The company’s robust pipeline has further been bolstered by COVID-19 due to demand for advanced digital lending and banking services under the CARES Act and its turnkey SmartLenders solution. We are confident in our investment to support an accelerated scale-up and delivery of their solutions for penetrating the market with immediate and future banking success.”

The post NYMBUS Secures $12 Million in Growth Funding first appeared on FinTecBuzz.

Avant Spins Out SaaS Business Amount

PRNewswire — Fri, 07 Feb 2020 07:30:52 +0000

Avant, an industry-leading digital consumer lending platform, announced today the completion of its planned spin-off of Amount, a best-in-class SaaS technology business enabling financial institutions to digitize their product offering. The spin-off empowers both companies to effectively maximize capital and shareholder value, while creating enhanced focus on two missions and brands.

Since 2012, the Avant platform has connected nearly one million customers to over $6.5 billion in funds and counting. Avant developed Amount as a new solution for banks who wanted to significantly enhance their digital capabilities. As a leading-edge technology company, Amount has grown rapidly, collaborating with banking partners that collectively manage close to $1T in US assets and are servicing more than 25 million customers.

In connection with the transaction, Al Goldstein, who co-founded Avant with John Sun and Paul Zhang, and has successfully led it for the past seven years, transitioned to Executive Chairman of both companies. Adam Hughes, formerly President of Amount, became the CEO of Amount, and James Paris, formerly President of Avant, became the CEO of Avant.

Hughes has a strong background in technology, a track record of successful organizational leadership, and experience launching and scaling digital banking products, skillsets that will position Amount for continued long-term growth. Paris has over 20 years of exceptional and well-rounded experience in capital markets, finance, consumer lending, strategy, and investor relations, that will uniquely position Avant to continue to grow quickly and profitably.

“Both Amount and Avant are leaders in the financial technology space,” said Adam Hughes, CEO of Amount. “For the last few years both business units have benefited from operating as one company; however, we have now reached the maturity point where separation offers optimized execution around unique core strategies, brand investment opportunities, and growth initiatives. We look forward to continuing our relationship with the Avant team and supporting their growth.”

Online lending platform Avant will continue its mission of providing access to responsible financial products to consumers, whereas Amount will focus on further innovating technology solutions for banks and FinTechs to leverage and improve their digital offerings and experiences.

“The separation of the two businesses comes at a time where each company is well positioned to successfully scale as a standalone enterprise,” said James Paris, CEO of Avant. “The change positions both companies to compete effectively in the always evolving FinTech arena.”

About Amount:
Amount is a leading-edge technology company dedicated to creating and enhancing the digital offerings of financial institutions. Built by lending industry veterans, Amount’s multi-purpose lending products help partners go digital in months—not years—with a scalable suite of proven product modules for credit decisioning, fraud prevention, account verifications, servicing engines and CRM solutions. Amount partners can optimize performance across product categories by tapping into various service offerings including customer acquisition, funnel and performance assessments, and risk consulting and analytics. Amount clients include financial institutions collectively managing close to $1T in US assets and servicing more than 25 million U.S. customers. Visit www.amount.com for more information.

About Avant:
Avant is a high growth financial technology company, dedicated to lowering the barriers of borrowing for all consumers. Since 2012, Avant has secured more than $6 billion in funding and connected nearly one million customers to over $6.5 billion and counting. Through big data and machine learning, Avant’s mission is to provide better access to responsible financial products. Avant has been featured in The Wall Street Journal, The New York Times, TechCrunch, Fortune, Bloomberg, and has raised over $600 million of equity capital. Visit www.avant.com for more information.

The post Avant Spins Out SaaS Business Amount first appeared on FinTecBuzz.

Mogo announces a digital lending pilot with goeasy Ltd.

PRNewswire — Wed, 09 Oct 2019 13:10:39 +0000

Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo” or the “Company”), one of Canada’s leading financial technology companies, today announced a partnership with goeasy Ltd. (TSX:GSY) (“goeasy”) to provide Canadians with personal loans up to $15,000 with terms of up to 5 years, all available quickly and conveniently from a mobile device using the Mogo app.

The pilot is expected to go live in October and will allow consumers to download the Mogo app, get a no-obligation loan pre-approval, customize their loan, and complete the loan agreement all in minutes. Once approved for a loan, certain Mogo members will have their loan funded by goeasy’s operating division, easyfinancial, a leading provider of unsecured and secured non-prime consumer loans in Canada. The two companies have integrated technology that creates a seamless customer experience and enables goeasy to only accept loans that meet their credit criteria.

With over 13 years of experience and more than 350 lending locations across Canada, easyfinancial offers a full suite of unsecured and secured personal lending products to the 9.2 million Canadians with non-prime credit. The company has originated more than $3.3 billion in loans and recently surpassed a $1 billion consumer loan portfolio.

“As one of the largest and most experienced non-prime consumer lenders in Canada, goeasy is an ideal non-prime partner for our lending platform,” said David Feller, Mogo’s Founder and CEO. “Like Mogo, they have a long history in lending and share our belief in giving Canadians access to smarter credit solutions to improve their credit and ultimately better manage their financial health.”

Greg Feller, Mogo’s President, added: “Consumer lending remains one of the highest monetization opportunities for fintechs globally. We’ve invested more than $200 million and over 10 years developing our proprietary digital platform, which includes data from over 1 million funded online loans. This partnership enables us to more fully monetize this platform and drive new recurring fee-based revenue, with no capital investment or risk for these loans.”

Mogo is a pioneer in online lending in Canada. From its first online loan in 2006, Mogo has completed more than 1 million loans online and grown its member base to more than 900,000 Canadians. Over this period, the Company has made significant investments to build a fully digital lending platform that automates the process from end-to-end, creating a fast, friction-free experience for customers. Mogo’s credit platform leverages the power of artificial intelligence while using thousands of traditional and non-traditional data points, advanced data modeling and Mogo’s own proprietary scorecards to enable instant decisioning. The Company’s flexible technology platform also enables the use of best-in-class technology partners to automate the loan flow and forecast performance.

Under the terms of the arrangement, Mogo will receive compensation from goeasy for any loans funded by goeasy, while goeasy will have ownership of these loans.

Upon successful completion of the pilot, Mogo and goeasy expect to work toward a long-term partnership agreement.

About Mogo
Mogo — a financial technology company — offers a finance app that empowers consumers with simple solutions to help them get in control of their financial health. Financial health continues to be the #1 source of stress across all demographics and highest among millennials. At Mogo, users can sign up for a free account in only three minutes and get access to six products and solutions that help them monitor their credit score, protect themselves from identity fraud, control their spending, and borrow responsibly. The Mogo platform has been purpose-built to deliver a best-in-class digital experience, with best-in-class products all through one account. With more than 900,000 members and a marketing partnership with Canada’s largest news media company, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).

The post Mogo announces a digital lending pilot with goeasy Ltd. first appeared on FinTecBuzz.