LendingFront
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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
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
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.
People
FOUNDERS
BOARD MEMBERS AND ADVISORS
Peter Schnall
Andres Barreto
Erik Stettler
Ofer Bar-Zakai
NUMBER OF EMPLOYEES
11-50
INVESTORS:
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.
Momentum
FUNDED
YES
TOTAL FUNDING
$4 M
DATE OF LAST FUNDING
Jan 2019
FUNDING SERIES
SERIES A · $4 M · Jan 2019
LISTED
NO
COMMENT
An undisclosed amount raised in venture round in Feb 2017.
For Investors
FUNDING NEEDED:
$1.5 M
USES OF FUNDS RAISED:
1. Client Management
2. New Products
3. Customer Integration
EXIT STRATEGY
Public or acquisition
MONTHS LEFT WITH CURRENT CASH BURN RATE:
18 months from 24 Aug, 2018
COMPETITORS:
Innovation Programs
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FOUNDING YEAR:
LOCATION:
Views:
$4 M
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
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.
INTELLECTUAL PROPERTY
Patent(s) not Filed
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
People
FOUNDERS
NUMBER OF EMPLOYEES
11-50
KEY EMPLOYEES:
CEO, FOUNDER: Jorge Sun
CTO, FOUNDER: Dario Vergara
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, Scott Jenkins, Joe Garea
INVESTORS:
Momentum
FUNDED
YES
TOTAL FUNDING:
$1.5 M
LISTED
NO
FUNDING SERIES
Seed --- May 2016 --- USD1.5 M at a USD7 MvaluationComment on Valuation
Note, with a 7M Cap Value Stream Labs Struck Capital Las Olas VC UMB Bank Sixthirty Fintech Fund Value Stream Labs Struck Capital Las Olas VC UMB Bank Sixthirty Fintech FundSubscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!
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+Momentum+Traction+People+For Investors+
Other+Innovation Programs
Related Companies
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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
People
FOUNDERS
NUMBER OF EMPLOYEES
11-50
KEY EMPLOYEES:
CEO, FOUNDER: Jorge Sun
CTO, FOUNDER: Dario Vergara
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, Scott Jenkins, Joe Garea
INVESTORS:
Momentum
FUNDED
YES
TOTAL FUNDING:
$1.5 M
LISTED
NO
FUNDING SERIES
Seed May 2016 --- USD1.5 M at a USD7 MvaluationComment on Valuation
Note, with a 7M Cap Value Stream Labs Struck Capital Las Olas VC UMB Bank Sixthirty Fintech Fund Value Stream Labs Struck Capital Las Olas VC UMB Bank Sixthirty Fintech Fund