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LendKey Adds $8 Million in Venture Debt; Reaches $800 Million in Loans

LendKey_homepage_May2015

You know you’re having a pretty nice year when the $8 million in debt financing you just raised is the third or fourth item in your list of announcements.

LendKey announced a number of major milestones this week. In addition to securing an $8 million venture debt line from Silicon Valley Bank, the lending-as-a-service innovator reached $800 million in loans deployed to more than 35,000 borrowers, and won a commitment of $125 million from its own lending network of more than 300 credit unions and banks.

Vince Passione, founder and CEO of LendKey, pointed to the way his company serves as the bridge between traditional lenders and the opportunities in online ending. “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,” Passione said.

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LendKey CEO and Founder Vince Passione and Chief Product Officer Strati Papageorge demoed LendKey Marketplace at FinovateSpring 2015 in San Jose.

In addition to more capital, LendKey announced new talent additions, as well. Bringing experience from companies ranging from Capital One to Priceline.com are:

  • Strati Papageorge, Chief Product Officer
  • Mike Stallmeyer, SVP Finance
  • Anil Nair, SVP Engineering
  • Jason Hills, SVP Sales
  • Aswin Rajappa, SVP Marketing
  • Jeff Silverman, SVP Institutional Business Development
  • Anne Sharkey, SVP Loan Operations

LendKey’s technology helps connect community banks and credit unions to millions of online borrowers. Loan-types include student, auto, and home improvement loans; consumers can use LendKey to search for, compare, and apply for loans on the platform. Board member and DFJ partner, Josh Stein said LendKey gave banks, financial institutions, and credit unions “new capabilities” when it comes to better serving their customers.

Founded in October 2007 and based in New York City, LendKey made its Finovate debut last month at FinovateSpring 2015 in San Jose.