How it’s using fintech in lending: Tala is using big data in its fintech to financially serve traditionally under-banked areas of the world. The company’s consumer lending app underwrites loans using cell phone data- like social connections, texts, calls and bill payments to determine creditworthiness.
How it’s using fintech in lending: Avant uses fintech to simplify the loan application process. By providing some background information, selecting a loan option (debt consolidation, home improvement, emergencies, etc.) and signing a digital contract, loan-seekers can expect to see their $2,000 to $35,000 deposited into their bank account in as little as one day.
The Prosper platform will then recommend loans that best fit the prospective borrower’s needs
Industry impact: Avant’s newest fintech tool is the Avantcard. The credit card helps users access lines of credit for smaller purchases like shopping or vacations or larger payments for a new car or home repair.
How it’s using fintech in lending: Braviant Holdings combines analytics with big data to create more lending opportunities for people who are traditionally under-banked. The company’s platform uses automated verification processes and real-time underwriting to help make quick and personalized lending decisions.
How it’s using fintech in lending: Affirm offers installment loans to consumers at the point of sale. Sometimes you really want something but don’t have the cash to pay upfront. Affirm has partnered with hundreds of retailers to offer three-, six- and 12-month payment options that help customers plan out their payments over time.
Industry impact: The Affirm installment loan platform is used by global companies like Expedia, Wayfair and Peloton to give customers more financial flexibility.
How it’s using fintech in lending: Prosper connects people looking to borrow money with individuals and institutions looking to invest in consumer credit. Borrowers fill out a short survey – including preferred loan amount and how it will be used.
Industry impact: Prosper processed more than $13 billion in borrowed money from more than one million loans to 850,000 people.
Industry impact: Tala has teams in Kenya, the Philippines, Tanzania, Mexico and India that are working to secure loans for individuals and small business owners through alternative credit checks
How it’s using fintech in lending: Fundbox uses big data analytics to help businesses quickly access loans and lines of credit. The company can make a credit decision in less than three minutes based on the information provided through a businesses’ accounting software or bank account.
Industry Impact: In an attempt to grant financial access to more entrepreneurs, Fundbox also offers special small business loans to women and minorities.
How it’s using fintech in lending: Blend is a platform designed to help lenders speed up and simplify the application approval process for loans and mortgages. The platform is capable of reducing processing times by up to 50%through omnichannel customer engagement tools, automated risk management features and artificial intelligence baked into the process for thorough application analysis and prediction.
Industry impact: Blend has been used globally by banks and customers that include Wells Fargo, U.S. Bank, Assurance Financial and Affinity Federal Credit Union to process more than $2 billion in loans in a single day.
How it’s using fintech in lending: Point introduces new and existing homebuyers to an alternative home financing method through a shared equity process. The company invests in a portion of the homebuyer’s equity and provides them with between $35,000-$350,000 cash, depending on the home’s value. Due to the unique investment setup, there are no monthly payments with Point and owners can use their extra cash flow to make important fixes or simply make payments on their property. Owners can then repay the investment when it’s convenient for them either through refinancing or through a portion of the appreciation value if they decide to sell.