LendingFront

LendingFront platform unleashes the power and uniqueness of small business data to streamline and automate activities that are too costly and time consuming to execute...

FOUNDING YEAR: 2014 LOCATION: United States
Last Update: 19/01/2021

About

LendingFront is a cloud-based, white-labeled lending technology that enables banks, and other lenders, to provide capital to small businesses more easily than ever before.

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Inner Circle Analysis

LendingFront platform unleashes the power and uniqueness of small business data to streamline and automate activities that are too costly and time consuming to execute by conventional means.

Focus

PRODUCTS & SERVICES

LendingFront, Inc. develops a platform for business lending. Its platform offers application management, automated lending process, loan life cycle monitoring, loan accounting system, and customer information system solutions; and also provides customized business products,etc. It aims at a more efficient relationship management, faster decision making and less manual processing.

REVENUE MODEL

One time setup cost, annual subscription, data services

PRIMARY PROBLEM SOLVED

Small business lending originations and operations is still a highly manual banker driven process. LF transforms this into a much more streamline online process which significantly reduces the operational costs, credit risk and process time associated with originating small business loans. LF reduces the number of steps to get a loan from 14 to 4 and reduces ops expenses by 2/3rds compared to legacy bank processes.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

COMMENT

LendingFront’s platform automatically captures and structures social, credit bureau, fraud and cash flow data and presents the information in a way that is really simple to understand the health of the business.

Traction

COMPANY TYPE:

For Profit

REVENUE

$500k - $999k in 2016

REVENUE COMMENT:

Expect to close 4 more customer this year, so expect 10 by year end

ACTIVE USERS:

2 Million in 2016

ACTIVE USERS COMMENT:

Our customers are processing over 5,000 apps per month and have deployed over 120 million in loans.

company provided insights
Web Traffic

Web Traffic

MONTHLY VISITS

7,105

AVERAGE VISITS (6 MONTHS)

6,370.34

MONTHLY VISITS GROWTH

-23.64%

VISIT DURATION

2,021

VISIT DURATION GROWTH

-47.69%

PAGE VIEWS VISIT

16.57

PAGE VIEWS VISIT GROWTH

-5.01%

BOUNCE RATE

24.38%

BOUNCE RATE GROWTH

8.92%

GLOBAL TRAFFIC RANK

1,129,726

MONTHLY RANK CHANGE

-180,615

MONTHLY RANK GROWTH

-13.78%

Innovation Programs

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LendingFront

About

LendingFront (LF) is a highly sophisticated technology platform that can help digitally enable your small business lending operations. LendingFront provides solutions for credit originations, underwriting, servicing, monitoring and syndications

Focus

PRODUCTS & SERVICES

LendingFront provides banks a highly sophisticated cloud based lending platform to help them originate and service small business in a much more efficient and automated way. It's digital lending solution provides a set of web servicess that improves digital originations, underwriting, loan monitoring, loan servicing and document management.

REVENUE MODEL

One time setup cost, annual subscription, data services

TOP PROBLEM SOLVED

Small business lending originations and operations is still a highly manual banker driven process. LF transforms this into a much more streamline online process which significantly reduces the operational costs, credit risk and process time associated with originating small business loans. LF reduces the number of steps to get a loan from 14 to 4 and reduces ops expenses by 2/3rds compared to legacy bank processes.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRODUCT DEVELOPMENT COMMENT

Platform built on AWS and Python. It is a set of web services and APIs. The platform is highly modular and easy to deploy.

KEY DIFFERENTIATORS

Proprietary technology and architecture. Built by experts with over 20 years in credit, bank operations and technology experience

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

PRODUCT ATTRIBUTES

SaaS

White label

Back Office

Customer facing

STRATEGIC CLIENTS AND PARTNERSHIP

Detalus : Strategic Channel Partner

Casey Group : Strategic Channel Partner

Traction

ANNUAL REVENUE:

$500k - $999k

REVENUE COMMENT:

Expect to close 4 more customer this year, so expect 10 by year end

ACTIVE USERS/ACCOUNTS:

8 Million

ACTIVE USERS COMMENT:

Our customers are processing over 5,000 apps per month and have deployed over 120 million in loans.

LIVE USERS/TRANSACTIONS:

Yes, in live production

CHANNEL STATUS

INITIAL CLIENTS

NUMBER OF CLIENTS OR PAYING CUSTOMERS

7

People

NUMBER OF EMPLOYEES

11-50

TEAM COMMENT:

We are the only management team that had extensive lending experience, over 10 billion is loans originated as well as the only management team that has successfully built a technology platform from scratch,scaled it successfully (OnDeck). LendingFront is taking our experience in lending,technology,building the next generation technology to help banks have access to the same level of services currently only available to Fintechs.

BOARD MEMBERS AND ADVISORS:

Peter Schnall, Andres Barreto, Erik Stettler, Ofer Bar-Zakai

INVESTORS:

Las Olas Venture Capital

SixThirty

Struck Capital

UMB Banks

ValueStream Labs

Momentum

FUNDED

YES

LISTED

NO

SEED CLOSED ON

Apr 2016

SEED PRIOR FUNDING COMMENT

An undisclosed amount raised in convertible note in Apr 2016.

FUNDING SERIES