How they describe themselves: Lendingfront’s highly sophisticated cloud based platform revolutionizes a bank’s approach to small business lending. Specifically designed to manage the complex nature of small business lending, LF clients can control all aspects of originations, underwriting, and servicing from a single system. LF technology on average helps banks increase the number of approved loans by 30%, decrease processing time from 4 weeks to 1 day and reduce operational costs by 80%.
How they describe their product/innovation: LendingFront provides a platform that automates lending operations by consolidating processes usually conducted by 7 disparate systems. LF provides the application workflow to process loans, the data engine to pull the data for underwriting, the decision engine to assess loan requests, the offer screens to price and set final terms of the loan, the documentation and booking functionality to fund the loan, and the servicing to collect payments.
Product distribution strategy: Direct to Business (B2B), through financial institutions, licensed