Lendio, the nation’s leading small business financial solutions marketplace, announced the beta launch of its new lender-tech platform and loan origination software (LOS). This cloud-based platform will be the first to truly empower financial institutions with greater efficiency, speed and reduced risk while delivering a customer-centric and seamless experience for borrowers.
The LOS was developed to address specific pain points in business lending and allow Financial Institutions (FIs) to issue business loans at scale. The Lendio platform provides complete end-to-end LOS automated underwriting and eliminates the need for expensive manual loan processing, reducing costs and allowing FIs to expand the base of creditworthy customers.
“During the past two years and through PPP, we saw the challenges, inefficiencies, and inequities in business lending and the marketplace need for banks, lenders, and community development financial institutions (CDFIs) to have better lending solutions and technology to serve business customers, especially small businesses,”
Lendio CEO Brock Blake
The technology’s beta launch is being coordinated with two of Lendio’s key partners from the Lendio Marketplace ecosystem of financial institutions. Each will have early access and provide feedback on features, workflows, roadmaps, and the customer experience.
Long-term, the lender-tech platform and LOS will become the foundation for a customer-centric product for banks, alternative lenders, and CDFIs seeking efficient and affordable underwriting solutions.
"We are overjoyed to enter the hands-on testing phase of our lender-tech platform after all of the work and dedication put into developing it," says Lendio Lender Tech & Services GM and Head of Corporate Strategy, Denada Ramnishta. "Working in collaboration with our FI partners and leveraging their input and insights will be key to fulfilling Lendio’s mission of making business lending efficient, seamless, and accessible to all business owners. We’re excited to rethink what’s possible for business lending."
Lendio anticipates an official launch of its lender-tech platform later in 2022.
Lendio is the nation’s leading online lending marketplace with a mission to make capital accessible to all small business owners in the U.S. Since its inception in 2011, Lendio has facilitated more than 300,000 small business loans and other financing options totaling over $12 billion. Lendio was named a Best Small Business Loan Of 2022 by Forbes Advisor, and has ranked on Fortune’s Best Workplaces in Financial Services & Insurance and Inc.’s Best Workplaces for three years running. In 2021, Lendio Gives, the company’s charitable giving program, exceeded $1 million in microloans to low-income entrepreneurs around the world.