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 (formerly Fynanz Inc.) is a lending platform and online marketplace that allows consumers to apply for and receive student, home improvement and auto loans from their local credit unions and community banks. LendKey’s cloud-based tools and infrastructure enable the nation’s 13,000+ community financial institutions to enter online lending and offer lower-rate loans for various asset classes. LendKey currently let’s consumers apply for Private Student Loans, Student Loan Refinancing and Green Loans.