LendUp Wins Top Award at Financial Technology Conference

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May 17, 2013, 09:00 ET

SAN FRANCISCO, May 17, 2013 /PRNewswire-USNewswire/ -- Thousands of attendees at Finovate, a two-day conference showcasing the future of financial and banking technology, voted LendUp "Best of Show" for its LendUp Ladder loan platform that helps the underbanked build credit.

(Photo: http://photos.prnewswire.com/prnh/20130517/DC16126 )

"We've been working very hard to create the best borrowing experience available, and it's wonderful to be recognized and supported by the community," said Sasha Orloff, Co-Founder and CEO of LendUp. "We are also very excited that the industry recognizes the need for a better way to do things in payday lending, and that technology can facilitate this disruption."

With nearly 25% of California households deemed underbanked in a recent survey by the Federal Deposit Insurance Corporation (FDIC), the San Francisco based LendUp launched its revolutionary program in October 2012 in an effort end the payday loan debt cycle for millions of Americans.

Finovate attendees including banking and finance executives, venture capitalists, press, industry analysts and bloggers were asked to rate the participating companies on the basis of demonstration quality and potential impact of the innovation demonstrated. LendUp was one of five companies voted "Best of Show."

Eric Mattson, CEO of Finovate, said the competition was fierce. "The quality of their demo and their innovative approach clearly resonated with the audience. Congratulations to LendUp for winning Best of Show at Finovate Spring 2013."

Orloff showed conference attendees how the LendUp Ladder offers payday loan users a safe and easy way to transition off of payday loans and onto safer, cheaper financial products that build credit.

LendUp is an online, socially responsible direct lender who offers first time borrowers up to $250 for up to 30 days, and proven borrowers up to $1,000 for up to a year.

LendUp was selected by the Department of Corporations to be a part of the Pilot Program for Affordable Credit-Building Opportunities designed to increase the availability of credit-building opportunities and to expand financial education to individuals - particularly unbanked or under-banked people.

http://finovate.com/2013/05/finovatespring-2013-best-of-show-winners.html

SOURCE LendUp