LendingPoint hits $600m ARR, Will Profit $120m on AI platform for consumer loans
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LendingPoint is a financial technology platform that offers financing origination solutions to its e-commerce and point-of-sale partners, lending institutions, and customers.
The company was founded by Tom Burnside, Franck Fatras, Victor J. Pacheco, and Juan E. Tavares in 2014.
To assess a person's creditworthiness, the company uses technology to look at their financial situation, taking into account their credit history, employment history, earning potential, and other information.
In January 2015, LendingPoint introduced its first consumer loan product. LendingPoint announced a $100 million credit facility in October 2015, with money managed by Ares Management's Tradable Credit and Direct Lending groups.
In May 2022, Lending Point announced a partnership with Midland States Bank, a locally-based financial holding company with its headquarters in Illinois.
In Q1 2022, LendingPoint, an AI-driven SaaS credit tech lending platform, surpassed $900 million in new loans.
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