Lending-as-a-Service Platform LendKey Deploys $800M in Capital
Hits 35,000 Customers, Expands Management Team and Raises Additional $125M Commitment From Network of Credit Unions
NEW YORK, May 28, 2015 /PRNewswire/ -- LendKey, the Lending-as-a-Service platform that connects borrowers with credit unions and banks, today announced several key growth milestones. The company deployed $800M in loans to over 35,000 borrowers and raised an additional $125M commitment from its network of lenders. These milestones follow recent announcements of a $1B commitment from MidCap Financial, and a partnership with Navy Federal, the world's largest credit union.
To support its rapid growth, LendKey secured a $125M commitment from its client base of 300+ credit unions and banks. Additionally, LendKey closed an $8M venture debt line from Silicon Valley Bank. The venture debt will be used to drive continued technology and product innovation, and expand its partnership and marketing initiatives.
"Our growth demonstrates that traditional lenders have a solid opportunity in online lending," said Vince Passione, Chief Executive Officer and Founder of LendKey. "The LendKey platform enables banks and credits unions to offer their low-rate loans online, directly to consumers. With our technology, community financial institutions can succeed in the $3.2 trillion consumer lending market, offering increased choice, transparency, lower rates and a seamless digital experience."
LendKey also appointed eight industry veterans to the management team: Strati Papageorge, Chief Product Officer; Mike Stallmeyer, SVP Finance; Anil Nair, SVP Engineering; Jason Hills, SVP Sales; Aswin Rajappa, SVP Marketing; Jeff Silberman, SVP Institutional Business Development and Anne Sharkey, SVP Loan Operations. This team brings expertise from a broad range of companies, including Dealertrack, UBS, Priceline.com, Capital One, Finserv and more.
"Venture capital is about finding visionary entrepreneurs who are bringing disruptive technology to bear in large markets," said Josh Stein, Partner, DFJ and LendKey board member. "Markets don't get much larger than the multi-trillion dollar consumer credit market and LendKey's innovative platform arms banks, credit unions and other financial institutions with new capabilities, enabling them to more efficiently serve their customers. The new investments and management expansion will enable continued growth at LendKey, and DFJ is proud to have been partnered with the team since 2010."
About LendKey
LendKey pioneered Lending-as-a-Service (LaaS) to credit unions and banks in 2009, and is currently the leading LaaS provider in the U.S., with over 300 financial institution clients. Located in New York and Ohio, LendKey's mission is to transform a $3.2 trillion consumer lending market by connecting thousands of banks and credit unions with millions of borrowers online. Consumers can go to www.lendkey.com to search for, compare and complete student, auto and home improvement loans online from trusted financial institutions. Financial institutions work with LendKey to stay competitive with the online lending ecosystem, to better reach customers and to avoid the cumbersome process of launching an in-house online lending platform. For more information on LendKey, visit www.lendkey.com.
Media Contact: Tracey Koblick, JCUTLER media group, [email protected]
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SOURCE LendKey
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