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 StatesLast 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.
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
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%
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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:
Momentum
FUNDED
YES
LISTED
NO
SEED CLOSED ON
Apr 2016
SEED PRIOR FUNDING COMMENT
An undisclosed amount raised in convertible note in Apr 2016.