LendKey provides a lending-as-a-service solution for traditional financial institutions to launch digital lending businesses and manage the end-to-end process, including demand generation, online decisioning, loan origination, customer service and balance sheet management. The company serves hundreds of banks and credit unions, including Navy Federal, McGraw-Hill Federal Credit Union and WSFS Bank. Its platform supports loan programs across private student loans, student loan refinancing, auto and home improvement loan asset classes. Led by CEO Vince Passione, LendKey operates from Cincinnati, OH and New York City. The company plans to use new funding to expand its services and staffing, grow its regional office in Cincinnati, and expand its account development and sales teams. LendKey operates a Lending-as-a-Service (LaaS) platform that lets consumers search for, compare and complete student, auto and home improvement loans online from partner financial institutions. The company reports a network of over 300 financial institution clients and has deployed $800M in loans to more than 35,000 borrowers. LendKey says the new financing will be used to drive continued technology and product innovation and to expand partnership and marketing initiatives. Recent corporate developments include a $1B commitment from MidCap Financial and a partnership with Navy Federal. Leadership is led by CEO and founder Vince Passione. The company is headquartered in New York and Ohio. LendKey offers a comprehensive, white-label lending platform that handles the full loan lifecycle from application scoring to fund pulls and electronic invoicing. The company began by managing in-school student loans in 2009 and expanded into student consolidation loans in 2011. LendKey was formerly known as Fynanz and rebranded earlier this year to reflect its shift to institutional clients. It serves 253 lending partners and manages roughly $400 million in student loans through its service. LendKey generates revenue through origination fees on loans and annual servicing fees. The company plans to expand its technology, sales, and operations teams and open a new office in Ohio. By the end of the year it intends to add a green loan product to finance high-efficiency home retrofits and solar panels. Fynanz is a peer-to-peer lending platform for student loans that applies the P2P model to educational lending and guarantees each loan. Launched in 2008, the platform allows students to apply for loans that participants help fund, with loans co-payable to the school and sized to cover tuition and other expenses. To reduce risk, Fynanz evaluates borrowers using credit scores plus factors like grade point average and the student’s school. The company typically offers interest rates about 0.60% to 1.0% lower than what a student would get from a bank. Fynanz faces competition from fellow student lending platform GreenNote. The company plans to use new funding to expand its credit union and student lending marketplace and to develop additional lending programs including financial literacy initiatives.

Total raised

$40M

Funding rounds

5

Latest round

Series C

Latest activity

Jul 2017