LendingPoint Announces Record Growth for First Half of 2021
Company on track for second year of profitable growth
KENNESAW, Ga.–(BUSINESS WIRE)–LendingPoint, an AI-driven CreditTech platform, today announced it achieved record growth across its platform in the first half of 2021.
First Half 2021 Financial Highlights
- Revenue growth in 1H 2021 increased 214.8% over 1H 2020
- Remained profitable despite the impact of the COVID-19 pandemic
- Platform originations in 1H 2021 increased 122% over 1H 2020 and 1H 2021 originations were up 60% over 2H 2020 figures
- Expanded the team by over 40% and opened offices in San Mateo, California
- Launched LendingPoint’s first digital card partnership
- Grew AI risk, credit, performance, and propensity data signals to 60 billion+
“We’re thrilled to report record growth in the first half and significant progress as we continue to innovate and execute on our mission to use data science and credit technology to facilitate full credit spectrum lending to consumers and small businesses across the country,” said LendingPoint CEO Tom Burnside. “These results demonstrate the sustained profitability and momentum we’re building while establishing a leadership position in the online CreditTech market.”
New: Money On Demand
In 2021, the company launched its first digital card partnership with a leader in digital dentistry. The partnership enables mobile-first on-demand financing embedded within a native mobile app experience. Approved applicants receive instant credit decisions, allowing customers to secure same-day funds for immediate payment. The digital card can be used in real-time at the point of sale without individual store or ecommerce installation.
“The digital card partnership is a great addition to LendingPoint’s offerings. We’re excited to be able to offer immediate funds to our dentistry customers when they need it. By focusing on this anchor partnership, we’re able to expand digital card offerings while optimizing our target customer and perfecting the process to provide fast and frictionless money on-demand,” said Burnside.
LendingPoint also announced the closing of its second rated consumer loan ABS issuance in 2021, priced at $400 million this week, which increases its total consumer loan ABS issuance amount to more than $3.625 billion. This deal allows LendingPoint to continue investing in innovation and new offerings while maintaining satisfied customers and consistent growth in revenue.
LendingPoint is an AI-driven CreditTech platform that provides financing origination solutions to consumers, for ecommerce and point of sale partners, and lending institutions. The company’s fraud prevention, risk and asset management algorithms are used to create financing opportunities across the credit spectrum. Its LendingPoint Merchant Solutions platform provides ecommerce platforms, merchants, and other service providers fully integrated, one-stop financing solutions to convert more customers.
For the past three years, LendingPoint has been named to Inc. 5000’s list of fastest-growing private companies, ranking 17th in 2019. LendingPoint ranked on Deloitte’s Technology Fast 500 list in 2019 and 2020 and was honored as one of the top 40 fastest growing companies in Atlanta by the ACG in 2019, 2020, and 2021. LendingPoint also was named one of the 2021 Best Places to Work by the Atlanta Business Chronicle. LendingPoint is a privately held company headquartered in metro Atlanta, with offices in San Francisco and New York. LendingPoint, LLC owns and operates the LendingPoint platform.
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