LoanPro Secures $100 Million Series A Investment from FTV Capital
FARMINGTON, Utah, July 7, 2021 /PRNewswire/ -- LoanPro, a leading SaaS-based loan management, servicing and collections platform for alternative, fintech and traditional lenders, today announced it has raised a $100 million growth equity investment from FTV Capital, a sector-focused growth equity investor in innovative enterprise technology and services, financial services, and payments and transaction processing companies. Through this capital raise, LoanPro will enhance its platform functionality, enter new lending verticals, and further invest in client-centric growth initiatives.
LoanPro was founded in 2014 by three brothers, Rhett, Ben and Lloyd Roberts, who developed the software after finding there were no lending applications that met the needs of their own lending business. LoanPro enables lenders to take back operational control and enhance real-time data insights and visibility.
LoanPro has more than $15 billion of loans under management and over 600 clients across a diverse range of loan types and lending programs (e.g. prime, sub-prime, personal, consumer, auto, business, point-of-sale finance and buy now, pay later) in the United States and Canada. The software's core API architecture allows for an automated and highly configurable workflow, real-time access to data and insights, frictionless payment collections, lending program flexibility (new and existing products) and a superior customer experience.
"As founders who started out as lenders, we understand the pain points that lenders experience," said Rhett Roberts, co-founder and CEO of LoanPro. "LoanPro was built by lenders for lenders—we use a modern tech stack to simplify the user experience of managing loans—we do the hard work on the back end to make the front end clean and simple to use. FTV Capital's investment, in addition to their extensive market knowledge and vast strategic network, will help us grow our platform and accelerate our ability to reach and successfully serve even more lenders."
Digital native fintechs have experienced rapid growth as an increasing percentage of consumers and businesses prefer engaging digitally. Many of these fintechs are looking to add lending capabilities. However, legacy lending technology was not built to support digital-first lending, resulting in cumbersome and inflexible experiences for lenders and their borrowers. LoanPro solves this issue by offering a modern, state-of-the-art SaaS technology for loan management, servicing and collections architected to accommodate mid-sized and enterprise lenders.
"LoanPro was an easy choice to make," said Alex Rhodes, Head of Operations at Marlette Holdings Inc., parent of the Best Egg consumer financial platform. "With Best-in-class customer service being at the core of what we do, we needed a best-in-class LMS to match. We look forward to continued growth with LoanPro."
"FTV Capital is excited to partner with LoanPro's strong, passionate leadership team who have built an industry leading SaaS platform based on a deep understanding of their market and the needs of their customers," said Robert Anderson, partner at FTV Capital. "LoanPro addresses the inefficiencies created by manual processes and outdated legacy systems by offering a fully cloud-based solution, with an API first core architecture, that enables real-time monitoring, management and automation for the entire lifecycle of a loan. The platform's data model provides an instantly accessible, single source of truth for loan servicing data, driving significant efficiencies for lenders of all types."
As part of the transaction, Robert Anderson, who led the investment for FTV Capital, will join LoanPro's board of directors.
Gibson, Dunn & Crutcher LLP advised FTV Capital.
About LoanPro
LoanPro offers the only truly API-based, mid-market & enterprise Loan Management Software in the US/Canadian marketplace. LoanPro is hosted on Amazon Web Services (AWS) "the cloud" and is designed to streamline both loan servicing and loan collections workflows. LoanPro is trusted by 600+ lenders, who enjoy increased transparency, control, flexibility, real-time database access, calculation accuracy, and scalability, all on a PCI, SOC I, & SOC II certified platform. For more information visit loanpro.io.
About FTV Capital
FTV Capital is a growth equity investment firm that has raised nearly $4 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV's experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world's leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in more than 120 portfolio companies, including Docupace, Derivative Path, EBANX, Enfusion, Sunlight Financial and Vagaro, and successfully exited companies including InvestCloud (recapitalized), Strata Fund Solutions (acquired by Alter Domus) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York and Connecticut. For more information, please visit www.ftvcapital.com.
Contact:
Alexa Ottenstein, Prosek Partners
646-818-9051
[email protected]
Lloyd Roberts, CRO
(800) 559-4776 ext: 707
[email protected]
SOURCE LoanPro
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