NEW YORK, March 12, 2018 /PRNewswire/ -- LendKey, the leading lending-as-a-service platform for banks and credit unions, announced today that it has reached $2 billion in loan originations. Over 280 lenders are currently using the company's turnkey solution to expand digital offerings across multiple asset classes.
"Reaching this milestone is a testament to LendKey's continued momentum and position as a trusted partner for banks and credit unions to expand their digital lending offerings and help grow revenue," said Vince Passione, CEO and founder of LendKey. "By using digital platforms to originate and process loans, we help lenders save their customers and members money through lower interest rates by originating loans cost efficiently."
LendKey's partnerships with credit unions and banks continue to grow, with recent new lending partners that include Dollar Bank, TwinStar Credit Union, and Alabama Credit Union.
The increase in demand for consumer lending has made it more important than ever for banks and credit unions to deliver these offerings through a seamless, digital experience that is expected by today's digital-first consumers. By choosing to partner with LendKey, financial institutions integrate the technology, along with risk mitigation tools and resources to stay competitive and deliver quality solutions. For example, a big part of LendKey's success is its participation network that enables lenders to own "part" of each loan, dispersing risk and creating geographic diversity for financial institutions.
Today, LendKey offers a turnkey digital lending solution, marketing support, and loan management across three asset classes: private student loans, student refinance loans and unsecured home improvement loans.
LendKey pioneered the lending-as-a-service model by creating white-labeled lending solutions that transform financial institutions into profitable digital lending businesses. LendKey's customized solutions help financial institutions attract new business, grow relationships, manage liquidity, reduce costs, and mitigate risk. The company manages the entire lending process, which includes demand generation, online decisioning, loan origination, customer service and balance sheet management. Founded in 2009 and based in New York and Cincinnati, LendKey works with hundreds of credit unions and banks deploying more than $2 billion in capital to date. For more information, please visit business.lendkey.com.