Open Lending

lendingother lending

FOUNDING YEAR: 2000
LOCATION: United States
Last Update: 01/05/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

About

Open Lending provides automated lending services to financial institutions. It helps them in loan analytics, risk-based pricing, risk modeling, and automated decision technology for automotive lenders throughout the United States.

Focus

PRODUCTS & SERVICES

The company provides Lenders Protection Program which is an auto lending program for direct/indirect loans which enables lenders to increase near and non-prime auto loan volumes and yields without adding risk to their loan portfolio. It combines sophisticated risk-based pricing models which are configured to each lender’s cost factors and financial targets, with reliable loan default insurance provided by two A-rated, third-party insurance companies.

REVENUE MODEL

It assumes that the company generates revenue by offering software services to its customers.

MAIN CLIENTS

Financial institutions

credit unions

and regional banks.

EXISTING PARTNERSHIPS

In October 2018

the company partnered with Ser Technology Corporation (credit data solutions firm) to enhance its refinance campaign and drive more automotive loan volumes to its customers. The company has partnerships with Integrated Lending Technologies (loan origination software provider) to provide better solutions to its customers. Data Partners: Experian

TransUnion

Equifax

LexisNexis

etc. Loan Origination Systems (LOS) Partners: Integrated Lending Technologies

Temenos

MeridianLink

defi SOLUTIONS

etc.

COMMENT

Through its proprietary technology, the Lenders Protection Program, financial institutions leverage powerful tools and customized analytics to inform direct and/or indirect loan approval decisions in seconds.

Traction

REVENUE

$10M+ in 2017

REVENUE COMMENT:

Third-party news sources reported that the company's revenue was $32.5 million in 2017. Also, its three-year growth was 158%.

ACTIVE USERS COMMENT:

The company has served more than 400 financial institutions across the US.

People

FOUNDERS

Richard F. Watkins

BOARD MEMBERS AND ADVISORS

Sandy Watkins

Blair Greenberg

Gene Yoon

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Bregal Sagemount

CUNA Mutual Group

Eric Simone

KEY EMPLOYEES:

John Flynn (CEO & President); Ross Jessup (CFO); Ryan Collins (CTO)

Momentum

FUNDED

YES

DATE OF LAST FUNDING

Mar 2016

TOTAL FUNDING COMMENT

The company will use its funds to expand its business with financial institutions, credit unions, and regional banks. (Mar. 2016)

LISTED

NO

COMMENT

The company raised money from PE/VC firms in March 2016 ($40 million) & September 2009 ($10 million).

BASICS

FOUNDING YEAR:

2000

LOCATION:

United States

Views:

23 VISITORS | 37 VIEWS
TOTAL EMPLOYEES
11-50

About

Open Lending provides automated lending services to financial institutions. It helps them in loan analytics, risk-based pricing, risk modeling, and automated decision technology for automotive lenders throughout the United States.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

Focus+
Momentum+
Traction+
People+
Other+

Join the exclusive global FinTech community

Be a part of the global FinTech community on Slack