Debt repayment app PaySwag will integrate its mobile technology with Cloud Lending’s lending platform courtesy of a partnership announced today. The white-label solution enables Cloud Lending customers to view, pay, and refinance their loans by mobile device. Customers also will have access to the full suite of PaySwag rewards, credit education and gamification features.
“We are thrilled to introduce PaySwag with Cloud Lending,” PaySwag CTO Mark Miller said. “When progressive companies come together, we can disrupt traditional business models.”
PaySwag’s white-label mobile app combines rewards, education, and feedback engines to make the debt repayment process easier for both borrowers and creditors. By rewarding on-time repayments and providing education, PaySwag helps the underbanked and those with poor credit histories overcome common hurdles to improving their credit standing.
The relationship between the companies goes back to 2014. PaySwag was developed by auto lender and servicer Car Loans Inc., which saw a way to provide credit services—mobile access, flexible repayment plans and cash payment alternatives—to subprime borrowers. The company, which had been using the Cloud Lending Solutions platform to manage loans, saw a 50% decrease in “seriously delinquent loans” when the two platforms were integrated.
“Through the synergy between our companies, we’ve greatly reduced our default rates,” Car Loans Director of Operations Barbara Mearse said. “(We) are confident other Cloud Lending clients will leverage this technology to do the same.”
Founded in November 2012 and headquartered in San Mateo, California, Cloud Lending Solutions provides SaaS applications to help financial services companies manage loan portfolios. Native to Salesforce, the company provides solutions for microfinance, traditional, equipment, and online lending, as well as commercial and consumer finance. Cloud Lending Solutions demoed CL Exchange at FinovateSpring 2015, and raised $8 million in funding in September, taking its total capital to more than $10 million. Snehal Fulzele is CEO.
Customer Engagement Technologies introduced PaySwag at FinovateFall 2015. The company is based in Reno, Nevada, and was founded in October 2014. Max Haynes is CEO.