NEW YORK, Sept. 12, 2019 /PRNewswire/ -- LendKey, the leading lending-as-a-service platform for banks and credit unions, announced today that it has surpassed $3 billion in loan originations for its lending partners. Nearly 300 lenders have utilized the company's turnkey digital lending solution to expand product offerings across multiple asset classes to target prime borrowers.
"We are proud of this milestone and our continued rapid growth," said Vince Passione, CEO and Founder of LendKey. "We will continue to enable hundreds of traditional financial institutions to deploy capital in lending products offering attractive returns, asset diversification, and relevant offerings for the largest consumer demographic, millennials."
Partnerships with more than a dozen new lenders, including BankMobile, who has originated several million in loans per month since launching in Q2, 2019, has contributed to the $3 billion milestone. LendKey offers a quick and cost-effective solution for large and small financial institutions to generate loan volume utilizing the institution's pricing and underwriting guidelines.
"LendKey's digital lending solution enables us to expand our products quickly and cost-effectively using our brand and underwriting standards," said Luvleen Sidhu, Co-founder, President, and Chief Strategy Officer at BankMobile.
Recent partnerships include Franklin Mint Credit Union, California Credit Union and several other banks and credit unions.
LendKey delivers the technology, servicing, and support that financial institutions need to establish a strong digital lending presence and build lifetime relationships with borrowers. Created to help financial institutions improve lives with lending made simple, LendKey enables partners to manage liquidity, reduce costs, and mitigate risk. Lenders optimize offerings by drawing upon LendKey's demand generation, online decisioning and loan origination engines, servicing, compliance expertise, and balance sheet options. Founded in 2009, LendKey partners with hundreds of credit unions and banks that have collectively deployed over $3 billion in education and home improvement loans. LendKey was recently named to the CB Insights Fintech 250 list and was recognized as a top fintech employer. Visit lendkey.com/lend for more information.
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