How they describe themselves: LendKey creates and manages online lending programs for banks and credit unions, bringing low-cost loans and transparent terms directly to consumers. Our turnkey platform allows lenders to quickly launch online lending programs, attract new borrowers and grow their portfolios. Our vision is to transform a $3.2T consumer lending market by connecting thousands of banks and credit unions with millions of customers through the LendKey MarketPlace.
How they describe their product/innovation: Leveraging LendKey’s experience in building real-time loan origination systems, the LendKey MarketPlace empowers consumers to browse, customize, compare and complete the entire loan shopping process via a single interface. This represents a dramatic step forward from current consumer loan marketplaces which collect consumer information and may provide some pricing information, but eventually transfer the borrower elsewhere to complete and submit the loan.
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B)