Building a Financial Advisor for Main Street America

We recently chatted with SuperMoney Founder and CEO Miron Lulic to give us an update on the company’s platform that helps consumers reach their financial goals.

Miron, who strives on “creating something from nothing,” founded SuperMoney in 2013. The California-based company has raised $1 million and topped $2 billion in loan requests on its platform last August.

SuperMoney’s mission is to help Americans reach their financial goals. Tell us a bit about how you do that.

Miron Lulic: SuperMoney offers the most comprehensive, transparent and objective resource to compare financial services. There are a lot of personal finance blogs that write articles for whatever service is offering the best payout. SuperMoney is built as a platform to help find any financial product or service. The content found on our product profiles are dynamically generated based on stored data attributes. We are better than anyone at giving people the facts. Our community members provide a qualitative dimension about their experiences by indicating whether they would recommend or not recommend a service. These two dimensions combined help people make better financial decisions.

Furthermore we’ve made it easy for people to get competing personal loan, auto loan, auto refinance, and student loan refinance offers through our loan offer engine. We’re tightly integrated with all the leading online lenders so that consumers can submit a single application and get real loan offers back in real time.

Lastly, we provide a lot of financial education content that is financial goal focused. We are diligently working on expanding our ability to give people actionable advice that goes beyond basic content.

SuperMoney helps users with a handful of financial goals– from buying a house to getting out of debt. Which of these goals is most popular among your user base?

Lulic: Getting out of debt is the most common goal among our users. Our platform helps consumers find the best financial strategies for their unique circumstances. In some cases, that means refinancing credit card debt with a debt consolidation loan. For others, it might mean talking to a credit counselor.

We like to refer to ourselves as the “Financial Advisor for Main Street America.” Most Americans are not looking for help with tax loss harvesting strategies. They are looking to get out of debt, establish savings, and eventually buy a home. We are building the tools to help tackle these basic goals.

What is SuperMoney’s business model? How do you make money?

Lulic: We sometimes, (but not always), receive compensation when we refer users to financial service providers found on our website. This is similar to the model sites like Nerdwallet and Credit Karma use. The difference is that our unified platform provides the tools to compare a wide selection of financial services in an objective way, not just the ones that provide us with compensation.

In 2018, SuperMoney launched a product to help small businesses offer POS financing options to their clients. Do you plan to extend this further, for example, to larger businesses or to online retailers?

Lulic: Yes, we are in the final stages of launching an exciting new service that will open our financing platform up to a broader set of partners. We hope this will help millions of new users make smarter and more informed choices.

What’s next in the innovation pipeline for SuperMoney?

Lulic: We feel there is a huge opportunity to leverage artificial intelligence in the financial advice and planning arena. This is already happening in the investment sector with roboadvisors and AI-powered analysis. Yet, we have hardly scratched the surface when it comes to personal financial planning for everyday consumers. Our goal is to simplify the experience and provide smarter suggestions to users who are looking for basic financial advice.

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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.

SuperMoney Teams Up with Lending Platform Best Egg

Financial resource solution provider Supermoney has inked a strategic partnership with consumer lending platform, Best Egg. The agreement will integrate Best Egg’s online loan solution with SuperMoney’s personal loan pre-qualification platform.

“Partnering with SuperMoney supports our mission of making money more accessible to allow people to enjoy life,” said Jeffrey Meiler, CEO of Marlette Funding, the company that runs Best Egg. “Our core values align and this partnership will benefit consumers with apples-to-apples comparisons and (a) commitment to transparency.”

“Both companies will continue to focus on growing their digital footprint and creating a best-in-class customer experience,” SuperMoney CEO Miron Lulic added. He highlighted Best Egg’s recent milestone of delivering more than $6.7 billion in funding loans, as well as his own company’s financing of more than $1 billion via its platform. This kind of traction, Lulic said, makes the collaboration with Best Egg, “an exciting opportunity to continue building upon our respective successes in the personal loan industry.”

Marlette Funding, the team behind Best Egg, leverages decades of banking experience, deep customer knowledge, and smart technology to provide a frictionless personal lending experience for consumers. Qualified applicants using Best Egg can get loan offers instantly, and funds are available as soon as one business day. The platform was launched in 2014.

Founded in 2013 and headquartered in Santa Ana, California, SuperMoney launched its student loan refinancing comparison marketplace in November. With a single application, users get real time, actual rate quotes from lenders such as LendKey and SoFi. The process is quick and does not impact borrower’s credit scores.

SuperMoney demonstrated its no-fee, point of sale financing technology at FinovateSpring 2018. The solution provides small businesses with a turn-key financing option to help customers finance products and services with no additional cost to the merchant. In 2017, SuperMoney introduced its auto loan offer comparison tool.

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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.

SuperMoney Launches Student Loan Refinancing Marketplace

Financial services comparison site SuperMoney is venturing into new territory this week with the launch of its student loan refinancing comparison marketplace. And since student loans are the largest source of unsecured debt in the U.S., with outstanding loan amounts totaling $1.53 trillion, now is as good a time as ever for the new endeavor.

The new marketplace aims to help students make smarter decisions when refinancing their existing student loans. By submitting a single application, users can receive actual rate quotes in real time from multiple lenders, including LendKey, CommonBond, and SoFi. Each offer transparently shows users a breakdown of monthly costs, payments, and fees so that they can make the best decision based on their circumstances.

The free process takes seconds and won’t hurt applicants’ credit scores. And unlike other loan offer aggregation sites, SuperMoney doesn’t harvest and sell applicant information.

Founded in 2013, SuperMoney offers a range of widgets to help users find the right tools to achieve their financial goals. Users can compare mortgage offers, credit cards, loan offers, and annual percentage yields on savings and checking accounts. The company’s CEO, Miron Lulic, recently showcased at FinovateSpring 2018, where he demoed SuperMoney’s No-Fee Financing Platform that offers merchants access to turnkey financing that can help save them up to 10% on discount rate fees.

Today’s announcement comes just a couple of months after SuperMoney’s last product launch— an auto loan comparison engine. The tools allow prospective borrowers to use a single platform to compare between secured and unsecured loans, refinancing, and private party auto loans. Also this fall, the company announced it has surpassed $1 billion in financing requests to lenders via its platform.

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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.

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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.

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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.

SuperMoney Launches Auto Loan Offer Engine

During the debut of their loan offer comparison tool at FinovateSpring 2017 in May, SuperMoney promised more to come. “Our goal is to extend the framework we developed into all lending-related verticals initially,” SuperMoney CEO Miron Lulic explained, “and then to other financial services where consumers can benefit from apples-to-apples comparisons and transparency.”

Last week SuperMoney embarked upon this expansion with the unveiling of its auto loan offer engine. With 20 participating auto lenders on board, SuperMoney is now able to offer comparisons between secured and unsecured loans, refinancing, and private-party auto loans all from the same platform. This means that potential auto loan borrowers can submit one online loan application and get multiple auto loan offers to choose from. Calling the traditional auto financing model “antiquated,” Lulic emphasized the ease of use of SuperMoney’s technology. “These days buying an airline ticket is fast and easy. We’ve brought that same great comparison shopping experience to the auto loan industry.”

Pictured (left to right): SuperMoney CEO Miron Lulic and Managing Partner Harry Langenberg demonstrating the SuperMoney loan offer engine at FinovateSpring 2017.

SuperMoney’s auto loan comparison engine adds a new element to the car buying experience, essentially giving car buyers the opportunity to “negotiate” over the price of financing instead of just being able to haggle over the price of the car itself. “Paying a high interest rate can cost you many times more than what you’re likely to shave off the purchase price of your vehicle, regardless of your negotiating skills,” Lulic added. He used the example of a 60-month loan with a 3% APR compared to the same loan with an APR that was twice as large. The difference over the life of the loan was more than 10% of the car price.

The problem, according to Lulic, is the lack of transparency combined with a misunderstanding of the how auto financing works. “Dealerships can hide interest hikes behind longer terms precisely because they know most borrowers focus on the monthly payment amount, not the overall cost,” Lulic noted. SuperMoney’s auto loan offer engine is free and uses a soft pull to avoid affecting the applicant’s credit. Borrowers can search and compare offers based on total cost and monthly payment, as well as get a breakdown on additional fees such as origination fees and any prepayment penalties. Among the platform’s lending partners are AutoPay, Springboard Auto, and USAA.

In a conversation with AutoFinanceNews, Lulic underscored the value of the solution to subprime consumers who have limited – and often expensive – options when it comes to financing a car. Between a lack of understanding about personal finance and their own income challenges, subprime auto buyers are those who have the most to gain from a solution that brings transparency to the financing experience. “We can bring these direct lenders to the table who give some more savings on these interest costs than if they just went to some used-car dealership and took whatever high interest-rate loan that was offered to them,” Lulic said.

Founded in 2013 and headquartered in Santa Ana, California, SuperMoney demonstrated its loan offer comparison tool at FinovateSpring 2017. Read our Finovate Debut post introduction to the company from earlier this year.

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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.

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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.

SuperMoney Brings a Kayak-Like UX to the Online Borrowing Process

What is SuperMoney? CEO Miron Lulic urges you to think of the “serendipity” of real-time offers provided on platforms like airline fare aggregator Kayak, and imagine the same user experience in financial services. “SuperMoney guides our users to loan offers that are in their best interest,” Lulic said at the beginning of the company’s FinovateSpring demo earlier this year.

And “best interest” is key. As the company’s Managing Partner Harry Langenberg pointed out, SuperMoney is taking the same approach to loan comparison that “won Google the search engine wars.” He explained, “rather than ranking results based on payout, Google’s algorithms presented results based on relevance. Similarly, we believe that by representing the best fiduciary interests of our borrowers, that SuperMoney will become the number one site that consumers trust when searching for a personal loan.”

Pictured: SuperMoney Managing Partner Harry Langenberg demonstrating the Supermoney loan offer comparison tool at FinovateSpring 2017.

Langenberg demonstrated how prospective borrowers enter some basic personal information (type of loan desired, the loan amount, credit score estimate, education level, employment status, home type and location, military status if any) at the SuperMoney website. “All of this data that we are collecting is matched against a database of attributes that we have for every one of our lenders,” Langenberg said. “That way we’re able to filter out any of the results that don’t necessarily match to their underwriting interests.”

Lenders on the platform do a “soft pull” so as not to impact the borrower’s credit score and in moments the borrower is presented with a set of prequalified and/or preapproved loan offers. “Users can easily compare their APRs, loan amounts, payments, even their total repayment costs, origination fees, and other details for the loan,” Lulic said. The platform enables borrowers to search from among the offers using a wide variety of criteria – such as payment-for-payment affordability – and each loan offer also features user reviews which Lulic said “provides a qualitative dimension that users can consider in their loan search.”

SuperMoney also hosts a wealth of personal financial information on topics ranging from auto insurance and business credit cards to tax planning and wealth management. The website features more than 11,000 expert and consumer advice columns and reviews. Expansion into other verticals beyond personal loans is also in the plans for the company. “We will soon be launching our auto loan offer engine, followed by our mortgage offer engine, and eventually our insurance offer engines,” Langenberg said. For now, the company is partnering with lenders to help them better serve customers they are not able to work with (“turn-downs”) by sending them to SuperMoney.

Company facts

  • Founded in 2013
  • Headquartered in Santa Ana, California
  • Published more than 2,000 expert reviews and more than 9,000 consumer reviews
  • Generated more than one million clicks for its partners

We caught up with the SuperMoney team briefly at FinovateSpring during rehearsals and followed up with a few questions for company CEO Miron Lulic. Here are his responses.

Finovate: What problem does your technology solve? 

Miron Lulic: Within the personal loan industry alone, there are literally hundreds of lenders to choose from and all of them are different.  You can go from lender to lender to lender, filling out applications to try and find your best option, but that’s a ton of effort. Lending aggregators popped up to solve this problem by ‘matching’ borrowers with lenders. But the dirty little secret behind most loan aggregation websites is that they run on a ping tree model.

Ping trees chuck borrowers down a lead delivery waterfall that attempts to sell the lead to the highest bidder. If the highest bidding buyer rejects the lead, the system attempts to sell to the next buyer with the borrower ultimately being sold to whoever will pay the most for that lead. This ping tree model works quite well for the aggregating site, as it’s rigged to produce the highest payouts. But as you could probably surmise, the “matches” produced by ping trees seldom connect consumers with the loans that are most financially beneficial to the borrowers themselves.

Finovate: How does your solution solve the problem better? 

Lulic: When consumers shop for an airline ticket they expect real offers in real-time.  Well, we’ve brought that great Kayak-like comparison shopping experience to financial services. Our Loan Offer Engine transparently allows consumers to submit a single, soft-pull loan application to all the leading online lenders and returns real loan offers back. SuperMoney users can transparently discover the best option based on their needs and that serve their best interest.

Finovate: Who are your primary customers? 

Lulic: SuperMoney is a two-sided marketplace platform with consumers looking for financial services on one end and financial service providers on the other. On the financial services side, we have a wide array of financial verticals represented in our publicly accessible reviews website. Within the personal loan offer engine, we are currently partnered with leading marketplace lenders, direct lenders, and banks. We aim to extend the platform to integrate credit unions and other players in the ecosystem not currently represented. 

Finovate: What in your background gave you the confidence to tackle this challenge? 

Lulic: Our founding team is the same founding team that launched Optima Tax Relief in 2011 and grew it from nothing to the #3 Fastest Growing Company In America according to Inc. Magazine’s 2015 ranking. We also co-founded another Finovate alum named LoanNow which is a direct lending business. Our experience there opened our eyes up to many of the challenges consumers and businesses face related to financial services online. 

Finovate: What are some upcoming initiatives from SuperMoney that we can look forward to over the next few months? 

Lulic: We are soon launching the same great loan offer engine experience in the auto lending vertical and aiming to follow that up soon after with a mortgage version. Our goal is to extend the framework we developed into all lending-related verticals initially, and then to other financial services where consumers can benefit from apples-to-apples comparisons and transparency. 

Finovate: Where do you see SuperMoney a year or two from now?

Lulic: Our goal is simple. To build the brand consumers think of first whenever they need a financial service. We aim to get there within two years. 

Miron Lulic (CEO) and Harry Langenberg (Managing Partner) demonstrating the Supermoney Loan Comparison Tool at FinovateSpring 2017.