Company achieves new loan origination milestones in its home improvement and student refinance loan businesses
New York (May 3, 2022) — LendKey, the networked lending platform designed to deliver capital and liquidity management, today announced record revenue growth in March 2022, surpassing the previous highwater mark set in 2018. The company also revealed significant year over year growth with total quarterly revenue up 50% and total loan originations up 60%. Recent growth was fueled by LendKey’s expanding network of lenders seeking high-performing originations and participations in strong asset classes including student loan refinancing and home improvement loans.
LendKey’s active customer portfolio of more than 335 financial institutions accounts for more than $400 billion in combined assets.
2022 Q1 highlights include:
- Home Improvement Loans: Home improvement loan originations through LendKey’s networked lending platform saw 400% year over year growth. With the home improvement season just starting to kick into high gear, LendKey projects total loan originations will double this year over last
- Student Loan Refi: Refinancing activity remains strong and is a desirable asset class; March originations were more than double vs the prior year. And originations over the last 6 months are 40% higher than the prior year
- New Partners: LendKey experienced record Q1 new client growth adding seven new lending partners to their student refinancing and home improvement loan network lending programs which adds a total of nine lenders to their Q2 implementation pipeline. In addition, LendKey welcomed 5 new lenders to the ALIRO platform, LendKey’s private deal network for financial institutions to buy and sell loan participations
“LendKey leads the category in building network lending programs for consumer assets. As proven by the most recent quarter, our existing network lending programs continue to attract new lenders who are adding new asset classes on to the networks we support,” said Vince Passione, CEO and Founder of LendKey.
LendKey announced its latest milestones in step with notable partnership news and product enhancements. At the start of the year, LendKey entered into a partnership with Unqork, the leading no-code enterprise application platform. With Unqork’s enterprise-grade no-code system, LendKey now offers customers greater flexibility in underwriting and decisioning; is able to swiftly expand its ecosystem of product offerings; and can seamlessly integrate third-party partners. LendKey also announced enhancements to ALIRO, its platform that allows for the sale and purchase of loans. ALIRO now offers bespoke transactions to address one-time loan sales and balance sheet needs in addition to programmatic forward flow transactions.
To learn more about LendKey’s lending and balance sheet management solutions, please visit LendKey.com
LendKey delivers high quality consumer loans directly to financial institutions through its digital lending-as-a-service model and indirectly through ALIRO by LendKey, an innovative deal network designed to enable financial institutions to buy, sell and broker loans. The platform delivers the technology, servicing, and support that financial institutions need to establish a strong digital lending presence, acquire loans for their balance sheets, and build lifetime relationships with their partners and customers. Lenders optimize their offerings by drawing upon LendKey’s fintech platform for demand generation, online decisioning, loan origination, loan servicing, compliance expertise, risk analytics, and proprietary balance sheet options. LendKey currently services more than $2 billion in loans and has helped community-capital providers deploy over $4.5 billion in loans since 2009. Visit LendKey for more information.
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