LendingTree Taps Coverdash to Launch Small Business Insurance Offering

LendingTree Taps Coverdash to Launch Small Business Insurance Offering
  • LendingTree has partnered with insurtech Coverdash to integrate small business insurance into its platform.
  • Adding insurance solutions complements LendingTree’s existing SMB loan products by helping insured businesses qualify for more financing due to their lower risk profile.
  • The partnership also strengthens LendingTree’s position as a one-stop shop for SMB financial needs, while helping Coverdash expand its reach through a trusted, established brand.

Online loan marketplace LendingTree has partnered with SMB-focused insurtech broker Coverdash to offer LendingTree’s business clients small business insurance. The ability to add Coverdash’s insurance options will be embedded into LendingTree’s platform.

This partnership strengthens LendingTree’s connection with small business owners by broadening its SMB offerings beyond loans to include insurance solutions. LendingTree anticipates that this product expansion will complement its existing SMB loan products, as insured businesses typically present a lower risk profile, enabling them to qualify for additional financing. For Coverdash, today’s partnership with a trusted, established brand like LendingTree will broaden its reach and cement its role as a small business insurance provider.

“We’ve always played an integral role in helping small businesses get off the ground with our loans and financing programs, so offering business insurance was the natural next step,” said LendingTree General Manager, Small Business & Student Loans, Jenn Ash. “This partnership with Coverdash deepens our commitment to supporting our customers’ growth, reinforcing our position as their trusted, long-term partner for all of their financial services needs.”

North Carolina-based LendingTree maintains a marketplace of over 600 financial partners that offer a wide range of personal loans, mortgages, auto loans, and credit cards, and more. By enabling consumers to compare competitive rates and terms, LendingTree empowers individuals to make informed financial decisions. Since it was founded in 1998, the company has served over 120 million customers.

“LendingTree’s legacy in financial services is unmatched, and we’re incredibly proud to have our embedded experience power their expansion into business insurance,” said Coverdash Co-founder and CEO Ralph Betesh. “Meeting financial requirements while starting a business is complex – our partnership lets business owners easily access trusted resources in one place at every stage of their company’s life cycle.”

Founded in 2022, Coverdash is a newcomer to the insurtech space, which is typically dominated by more established companies. Based in New York, Coverdash is licensed in all 50 U.S. states to provide insurance solutions tailored to small businesses, including freelancers, e-commerce operations, and startups. Its offerings span general liability, workers’ compensation, cyber insurance, and more. Earlier this year, the company secured $13.5 million in Series A funding, bringing its total funding to $16 million, according to Crunchbase.


Photo by Ivan Samkov

A Baker’s Dozen of Our Favorite North Carolina Fintechs

A Baker’s Dozen of Our Favorite North Carolina Fintechs

After nCino’s impressive initial public offering this week – the largest, one-day gain for a U.S.-based tech IPO since the Dot Com Days – everyone now will be able to name at least one Finovate alum from the great state of North Carolina.

But there’s more to Carolina fintech than nCino. Among Finovate alums alone there are at least a dozen other companies from the Tar Heel State whose innovations in and contributions to fintech are also worth noting.

Cognitect

  • Enterprise information systems development firm. FinDEVr London 2017. Founded in 2003. Headquartered in Durham.

CrediVia

  • Online marketplace for commercial real estate loans. FinovateFall 2018. Founded in 2018. Headquartered in Raleigh.

Finzly

  • Digital transformation and open banking solution provider. FinovateFall 2019. Founded in 2012. Headquartered in Charlotte.

LendingTree

Passport

  • Mobile payments platform for integrated urban transportation. FinovateEurope 2016. Founded in 2010. Headquartered in Charlotte.

Shoeboxed

Sitehands

  • On Demand marketplace for IT field services. FinovateFall 2018. Founded in 2016. Headquartered in Charlotte.

Spreedly

  • Networked Commerce enablement platform. FinovateFall 2018. Founded in 2007. Headquartered in Durham.

Stratifyd

  • Augmented Intelligence platform. FinovateFall 2019. Founded in 2015. Headquartered in Charlotte.

Tradier

Zenmonics

  • IT services and mobility product provider for financial markets. FinovateFall 2013. Founded in 2007. Headquartered in Charlotte.

Zogo Finance


Photo by icon0.com from Pexels

Finovate Alumni News

On Finovate.com

  • Chain Rebrands to Interstellar Following Acquisition.
  • Kasasa Unveils New Compliance Solution, RegGen.

Around the web

  • GreenKey and IPC add new co-development agreement to their partnership.
  • TransferWise announces its second profitable year amid annual revenue growth of more than 75%.
  • Praxia Bank of Greece to leverage TemenosT24 core banking system to support its SME lending business.
  • TechCrunch: LendingTree is the secret success story of fintech.
  • Zopa listed for 5th consecutive year in The Sunday Times Tech Track 100.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

Around the web

  • Business-only Australian bank Tyro forges partnerships to improve connectivity between POS, apps, and merchants.
  • Finastra appoints Elona Ruka-Wright as its new Chief Risk Officer.
  • Australian FinTech Study Loans partners with Cloud Lending Solutions to build new student loan offering.
  • LendingTree to acquire Ovation Credit Services for total consideration of $20.75 million.
  • Socure secures three new ISO certifications for privacy and security controls.
  • Spreedly to integrate Worldpay’s international payment processing API courtesy of new partnership.
  • Hypepotamous profiles South African authentication specialist Entersekt.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

Around the web

  • PaySimple announces latest payment integration with Profit Rhino’s selling app for home service companies.
  • The Financial Times ranks Transferwise, Kantox, Zopa Featurespace, Trustly, Kreditech on its FT 1000 list of Europe’s fastest growing companies.
  • Jumio and Insights Network partner to deliver “Passport” for blockchain projects.
  • LendingTree launches Credit Analyzer, a free credit and debt analysis tool.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Ripple Joins Hyperledger Project, Launches Hyperledger Quilt Project.
  • Moxtra Collaborates with OCBC Bank to Help Pilot New Mobile App.
  • MicroStrategy Powering Kasasa’s New Insight Solution.

Around the web

  • ThePaypers interviews BioCatch VP Frances Zelazny.
  • Charlotte Business Journal recognizes LendingTree Senior Talent Development Manager Tess Ausman in its 40 Under 40 for 2018 roster.
  • PYMNTS.com talks with Socure CEO Sunil Madhu on Facebook’s challenges with user data.
  • Park Plymouth in Plymouth, Massachusetts deploys Passport’s mobile parking app, PassportParking.
  • IdentityMind Global named to Disruptor Daily’s 10 RegTech Companies Making Waves in the Industry list.
  • Josh Glover, EVP of the Americas for nCino talks with PYMNTS.com about the importance of the customer experience in corporate banking and lending.
  • InfoQ interviews Eric Horesnyi, CEO at streamdata.io.
  • Check Point Software Technologies teams with TrapX Security to launch real-time visibility, threat detection, and rapid threat containment solution.
  • VM Blog interviews Arvin Hsu, Senior Director of Data Science and Machine Learning at GoodData.
  • Spacequant earns finalist spot in PitchIt competition at Lendit Fintech conference.
  • Sberbank Enters Cloud Products Market.
  • ITSector launches ITSCredit spinoff (news in Portugese).

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • LendingTree Launches Free Credit Monitoring.
  • eToro Raises $100 Million in Series E.
  • NICE Actimize Launches AI-Powered Financial Crime Investigation System.

Around the web

  • Hyperwallet tackles payments for staffing and recruiting platform tilr.
  • Compass Plus offers active-active database clustering on TranzAxis.
  • Steward Bank selects NetGuardians to help fight against fraud.
  • Kasasa named one of “2018 Best Places to Work in Financial Technology” by American Banker
  • CardFlight announces that over 80% of SwipeSimple merchants have been upgraded to EMV quick chip payment acceptance.
  • Revolut launches disposable virtual cards for online payments.
  • ACI Worldwide teams up with Shanghai-based UnionPay International.
  • IdentityMind Global announces GDPR-readiness ahead of the EU’s May 25th deadline.
  • MaxMyInterest adds former TD Ameritrade executive Tom Bradley to Advisory Board.
  • NICE Actimize unveils new AI-powered financial crime management solution, Actimize ACTone.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

LendingTree Launches Free Credit Monitoring

LendingTree Launches Free Credit Monitoring

Online loan marketplace LendingTree is expanding its horizons today. The North Carolina-based company introduced a free credit monitoring service for members of My LendingTree, a financial intelligence platform launched in 2014.

Through a partnership with TransUnion, LendingTree monitors credit profiles of My LendingTree’s 7 million enrolled users on a daily basis and notifies them of any changes within 30 minutes of the report activity. Users with the LendingTree mobile app will be alerted of changes via a push notification. Upon receiving a credit notification, users can confirm or dispute the activity within the My LendingTree platform.

“LendingTree empowers consumers with the information they need to feel more confident in their financial decision making,” said Charles Battle, LendingTree’s Senior Director of Product Management. “By adding free credit monitoring to My LendingTree, we’re making it even easier for consumers to manage their credit and monitor their financial health.”

This new offering falls outside of LendingTree’s core competency as a loan match-maker. However, it helps create a relationship with consumers who may not be shopping for a loan but may be looking to borrow in the future.

Since it was founded in 1998, LendingTree has facilitated more than 65 million loan requests. The company went public on the NASDAQ in 2000 and was acquired by InterActiveCorp (IAC) in 2003. At FinovateSpring 2015 the company debuted My LendingTree, a personalization platform with a dashboard to view all credit-related accounts.

Roostify Integrates with LendingTree

Roostify Integrates with LendingTree

Consumer-focused mortgage digitization platform Roostify integrated with online loan marketplace LendingTree today. The integration leverages LendingTree’s aggregation technology to help consumers find the right loan, while Roostify keeps the mortgage origination process online.

Nikul Patel, Chief Strategy Officer, LendingTree cited a “digital gap” in the mortgage industry, explaining that even though most consumers shop for loans online, the mortgage origination process still takes place offline. “Our integration with Roostify brings the industry one step closer to the all-digital vision for a seamless consumer journey,” Patel said.

Consumers browse mortgages on LendingTree and when they select a lender using Roostify they move seamlessly into the application flow. From the lender’s website, Roostify powers authentication using pre-populated fields and the user can apply for a mortgage using Roostify’s fully online process. The integration will be available in the first quarter of this year for all joint LendingTree-Roostify clients.

“Roostify is dedicated to improving the lending experience for both consumers and lenders,” added Rajesh Bhat, CEO of Roostify. “Partnering with LendingTree, whose mission is to help consumers find the best home loan, helps us achieve both those goals, increasing efficiency and lead quality for lenders while offering consumers a faster, stress-free path to apply for and close a competitively priced home loan.”

This move positions Roostify to better compete with mortgagetech company Sindeo, which takes a B2C approach by enabling consumers to shop 40+ lenders and 1,000+ loan programs on its platform.

Roostify presented at FinovateSpring 2016 where the company’s Nathaniel Sokoll-Ward, Head of Product, and Jonathan Kirst, CTO, showed off integrations with TurboTax, Equifax, as well as account aggregation capabilities for asset verification. About a year ago, the company teamed up with Chase to power the bank’s self-service mortgage application process. In October of last year, Roostify launched a Decision Builder tool to offer lenders a set of visual decision-making tools for borrowers. For more on the mortgagetech sector, check out our industry overview.

Founded in 1998, Lending Tree went public on the NASDAQ in 2000. The company was acquired by InterActiveCorp (IAC) in 2003. At FinovateSpring 2015 the company debuted My LendingTree, a personalization platform with a dashboard to view all credit-related accounts. Last spring the company acquired DepositAccounts.com for $33 million.

Finovate Alumni News

On Finovate.com

  • German Challenger Bank N26 Deploys Banking Technology from Mambu.
  • Realty Mogul Launches Second REIT, REIT II.

Around the web

  • Baker Hill NextGen Statement Spreading to bolster commercial lending underwriting for People’s Bank and Trust.
  • Fenergo adds Michele Shepard as Chief Revenue Officer and Greg Watson as Managing Director of Sales and Strategy.
  • LendingTree partners with Benzinga for its Fintech Innovation Challenge.
  • eToro Platform Adds Trading Support for Five Cryptocurrencies.
  • BioCatch to power Fraud Prevention Solutions for HoneyTek Systems
  • SmartX (formerly HedgeCoVest) Announces the Addition of BlackRock, Morningstar Investment Management, and Nasdaq Dorsey Wright.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • StockViews Closes Second Round Equity Funding, Earns FCA Authorization.

Around the web

  • EverSafe picks up $250,000 in capital from JP Morgan as one of eight FinLab startup winners.
  • Affinity Plus FCU ($2 billion in assets) to deploy Fiserv’s Architect platform to power its online and mobile banking services.
  • Trusted Key CEO Prakash Sundaresan looks at changing customer expectations, security challenges, and the shifting regulatory landscape through the lens of FinDEVr London.
  • Payfone wins patent for technology that fights SIM swap fraud.
  • Ghana’s Premium Bank chooses NetGuardians’ anti-fraud solution, FraudGuardian.
  • LendingTree acquires DepositAccounts for undisclosed sum.
  • AutoGravity unveils partnership with Fletcher Jones Auto Group.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

LendingTree Launches Student Loan Comparison Tool

LendingTree Launches Student Loan Comparison Tool

LendingTree_homepage_March2017

“When banks compete, you win,” LendingTree is famous for saying. Now the same may be said of student loan refinancing, as well.

LendingTree unveiled its Student Loan Refinance Tool this week. The solution enables students to compare their student loans to see if they can save money by refinancing to a loan with lower rates and better terms. With some basic information about the current loan (balance, monthly payment, and interest rate) as well as the interest rate and loan term of the new loan, student borrowers can determine whether or not there are better loan options for them in a matter of minutes. “It is completely free to use, only takes a few minutes to get results, and can save people a lot of money by letting them optimize their student loans,” wrote LendingTree Content Specialist, Tom Sumrak in an email.

LendingTree_stage_FS15

Pictured: LendingTree’s Gabe Dalporto (CMO and President, Lending) demonstrating My Lending Tree at FinovateSpring 2015.

Students can follow up with LendingTree to take advantage of the average $14,417 the company has saved student borrowers over the life of their loans. In order to secure refinancing, students need a picture of their driver’s license, a paystub, and a picture of their current student loan. Students with bachelor’s, master’s, and doctorate degrees are all eligible for refinancing. Current employment and good credit are a plus.

LendingTree is now competing with newcomers such as SoFi, which launched as a student loan platform in 2011 and expanded to offer mortgages in 2014. Headquartered in Charlotte, North Carolina, LendingTree demonstrated its My Lending Tree personalized borrower’s platform at FinovateSpring 2015. In November, the company acquired credit card comparison and education portal, CompareCards, in a deal valued at $130 million. In September, LendingTree was named a top workplace by The Charlotte Observer, and in June, the firm launched its CRA-Eligibility Tool to make it easier for lenders to comply with the Community Reinvestment Act. With partnerships with more than 350 active lenders including Prosper Marketplace, Lending Club, and Quicken, LendingTree was included in our look at the emerging PropTech and MortgageTech sectors last month.