50 Fintech Lending Companies Upending the Credit Card, Mortgage and Loan Industries

These fintech lending companies are innovating the way individuals and businesses borrow and repay the money they need.

Written by Sam Daley
50 Fintech Lending Companies Upending the Credit Card, Mortgage and Loan Industries
Image: Shutterstock
UPDATED BY
Rose Velazquez | Jun 18, 2024

The fintech ecosystem is loaded with disruptive ideas and companies, though perhaps none more so than those in the lending sector.

Fintech lending companies use technology like artificial intelligence, big data and even blockchain to make life a lot easier for both borrowers and lenders alike. They give lenders fast access to the data they need to approve loans, and help borrowers get their money faster than walking into a brick-and-mortar financial institution. 

Fintech lending solutions also provide borrowers with tools to monitor their financial health, compare rates to ensure they get the best deal and keep up with payments to build toward a healthy credit score. And they bring financing options to traditionally underserved populations by expanding geographic access and letting lenders collect information from non-traditional sources to determine creditworthiness.

What Is Fintech Lending?

Fintech lending relies on technology and digital solutions to facilitate the process of seeking out, applying for and repaying loans. These web- and app-based services help students, homeowners, businesses and underserved communities access financing options quickly and efficiently.

These innovations are changing the financial services landscape for both lenders and borrowers. We’ve rounded up fintech companies that are at the forefront of intelligent lending.

 

Fintech Lending Companies to Know

Location: New York, New York

Current offers solutions meant to help consumers build their credit and increase their savings. Using the Build Card, consumers can earn rewards and improve their credit history whenever they make daily purchases. Current offers money management tools to support budgeting along with an AutoPay feature that card holders can opt for to ensure their balance is always paid on time.

 

Location: Chicago, Illinois

Alliant Credit Union is a nonprofit organization that provides a full suite of consumer and business financial services, including checking and savings accounts, loans and line of credit, in a cooperative model that gives every member an ownership stake. The credit union is notable for being fully digital, with a hybrid workforce that manages nearly $20 billion in assets. 

 

Location: Boston, Massachusetts

Forward Financing is a provider of digital loans for small businesses. Sole proprietors and smaller businesses often lack available capital to support growth, carry the business through delayed payments and face other eventualities. Standard business loans are of limited value in these circumstances because the process to receive them takes too long. Through a fully online process, Forward Financing clients can access fast funds, available with a range of flexible terms. 

 

Location: Chicago, Illinois

Beyond Finance specializes in developing tailored solutions to alleviate and manage various forms of debt, including personal loans, medical bills, credit cards and private student loans. Through a consultation process, clients collaborate with Beyond Finance experts to select the most suitable debt resolution option, with progress tracking facilitated by the company’s mobile app. Beyond Finance uses proprietary technology to assess debt situations and devise strategies like consolidation or settlement to help consumers become debt free. 

 

Location: Fully Remote

Scratch Financial specializes in medical financing solutions. Borrowers can use their phone or a desktop computer to apply for and select a payment plan that suits their budget and doesn’t include prepayment penalties or deferred interest. The company says its technology saves medical practices time and money and improves the patient experience.

 

Location: Arlington, MA

Leader Bank is client centered and eager to embrace new applications of technology, like video banking, where live agents troubleshoot issues with clients via video and screen sharing. Offering all standard banking services like personal checking and savings, business banking, insurance and loans, the company has positioned itself as an alternative to traditional financial institutions that also offers more safety and services than a neobank. 

 

Location: New York, New York

January is a fintech company aiming to change the way debts are collected. It works with lenders and debt buyers, providing them access to a tech platform for engaging borrowers who are behind on payments and giving them options for getting back on track. The company says its “humanized debt collection” process boasts better debt recovery rates than traditional collection methods and incorporates compliance automations to ensure applicable regulations are followed.

 

Location: New York, New York

Valon is a tech-enabled Fannie Mae and Freddie Mac-approved lender and homeowners insurance provider. The company calls itself a financial wellness platform that works to be a one-stop shop for prospective homeowners. Valon is disrupting the traditional home-lending process by streamlining inefficiencies to save buyers time, effort and money. 

 

Location: West Des Moines, Iowa

Coviance operates a digital lending platform that helps borrowers access home equity and home equity lines of credit, with less of the gatekeeping and delay that can be typical to the process. By relying on automation for as many aspects of the process as possible, the company says its tech can complete the lending process in a simple and efficient manner for the borrower.

 

Location: Chicago, Illinois

Supernova Technology serves banks, insurance companies and online brokerages with automated digital solutions for securities-based lending. The company says its software covers everything from simplifying application and payment processes to allowing clients 24/7 access to a dashboard with details on their loan status.

 

Location: Fully Remote

Wisetack is a fintech company that offers embedded pay-over-time options as an alternative to credit cards. When a consumer has a purchase to make, they can log into WiseTack, apply for financing, and view a range of monthly payment options that spread the cost of their purchase over a specified payment period.

 

Location: Boston, Massachusetts

Stride Funding is a fintech company that offers alternative education financing for students and families. With funding models like income share loans, deferred tuition agreements and employer-sponsored loans, Stride uses alternative data sets and school-support funding to extend tuition support to students who don’t have the credit or cosigners necessary to secure traditional student loans.

 

Location: New York, New York

Gynger is an alternative financing fintech platform that offers up-front funding to companies to finance their software expenditures. The onboarding expenses for a “tech stack,” meaning all the software and software-as-a-service that a company needs to start operations, can be significant. Gynger works with companies to cover those expenses in the short term by underwriting lines of credit and debt financing.

 

Location: Fully Remote 

Reggora has crafted an appraisal software for borrowers, appraisers and brokers. With Reggora’s platform, teams can automate payment processing, schedule inspections and send status notifications. Appraisers can also manage their companies with mobile and website formats, simplifying their workflows.  

Reggora’s appraisal platform streamlines the connection between mortgage lenders and their appraisal vendors, removing manual processes and helping speed up the overall mortgage process.

 

Location: Chicago, Illinois

OppFi operates a fintech lending platform called OppLoans that helps people from a multitude of backgrounds acquire the funding they need to pay off debts, open businesses and get ahead in life. OppLoans features easy access to online personal loans, bad credit loans, loans without credit checks, installment loans and resources on rates and terms, allowing people to choose the loan and rates that work best with their lifestyle.

 

Location: Fully Remote

Earnest uses its Precision Pricing tool to determine individualized student and personal loans. The company asks the borrower how much they can afford to pay each month, and matches the user with a rate and term that works for them. Instead of standard rates and terms, Earnest uses personal data to formulate student, home, car and medical loans that are based on an individual’s unique situation.

Further Reading55 Top Fintech Payment Processing Companies

 

Location: Austin, Texas

Billd is a lending platform with 120-day terms that allow contractors to access the supplies and tools they need to complete projects while suppliers can open up a new avenue for moving product. Billd pays suppliers upfront, and builders never have to decline projects due to cash flow. They have 120 days to pay back their balance, bringing more equity to the building industry.

 

Location: Chicago, Illinois

Braviant Holdings operates a digital lending platform that combines powerful technology with machine learning to provide customers with better credit possibilities. The company’s platform was built to provide manageable loans that help people take control of their personal finances regardless of credit score. It uses proprietary decision models to assess a person’s true ability and willingness to repay, leading to a reduction in the average cost of credit.

 

Location: Chicago, Illinois

With its lending products and digital banking feature, NinjaHoldings challenges how Americans think about their finances. The company offers three products: CreditNinja, NinjaCard and NinjaEdge. CreditNinja allows underserved demographics to receive personal loans; the product requires a minimum credit score of 500, making it easier for borrowers with low scores to receive cash. The NinjaCard is a full suite of online banking services. However, NinjaEdge is for business, and the product offers payment processing, customer service and business analytics.

 

Location: Boston, Massachusetts

The lending process is one that has been stuck in pen, paper and postage transactions for too long, but Stavvy has a plan to set the new standard for digital servicing.  The Stavvy platform was designed by banking, security and legal professionals to move processes along more swiftly when modifications are needed to avert foreclosure.

Remote signings, videoconferencing, encrypted document transfer, identity proofing and additional tools are all included within the platform. It also comes with the ability to connect with signers and notaries online to grant power of attorney, seal offer letters and complete more tasks faster.

 

Location: New York, New York

Founded in 2017, ChargeAfter is a buy-now, pay-later point-of-sale platform. The company connects merchants and lenders to consumers and provides personalized financing offers. Some of the offers include lease-to-own programs, split payments and installment loans with 0 percent APR. Additionally, merchants receive full reporting and the platform supports all e-commerce platforms.

 

Location: Boston, Massachusetts

Hometap facilitates a loan alternative for homeowners looking to be paid for equity today. The company provides homeowners with cash and in exchange, Hometap receives a share in the future value of the home. Once the home is sold or the owners settle their investments, the company is paid out for the share.

 

Location: Austin, Texas

Self Financial is on a mission to help underserved individuals build their credit and reach their financial goals. With its credit builder accounts, the company allows individuals to make monthly payments toward their credit history while adding money to a savings account.  All payments are reported to the three credit bureaus. Once the credit builder account is paid off, Self subtracts fees and interest then the savings are unlocked.

 

Location: Los Angeles, California

Local service providers and retailers use Sunbit to provide a buy-now-pay-later option for their communities. The company partners with businesses to offer the option in-store, online and through mobile devices. Additionally, businesses receive an account manager, employee training on the system and marketing signage. After being approved for financing, consumers can choose the length of the payment plan and track the plan through the app. Sunbit can be found in dentist offices, car dealerships and more.

 

Location: Chicago, Illinois

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 $2,000 to $35,000 deposited into their bank account in as little as one day.

Avant also offers a credit card to help users access lines of credit for smaller purchases or larger payments for a new car or home repair.

 

Location: San Francisco, California

Prosper connects people looking to borrow money with individuals and institutions looking to invest in consumer credit. Borrowers fill out a short survey that includes indicating preferred loan amount and how it will be used. The Prosper platform will then recommend loans that best fit the prospective borrower's needs.

 

Location: New York, New York

LoanStreet aims to make it easier for financial institutions — including credit unions, banks, lenders and loan investors — to manage their loan portfolios. Its platform is designed to streamline processes and provide reporting and analytics tools that lead to actionable insights.

 

Location: San Francisco, California

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 business’ accounting software or bank account.

 

Location: Palo Alto, California

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 $35,000-$350,000 cash, depending on the home’s value. 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.

 

Location: Denver, Colorado

Funding Circle’s online application and approval process for loans can get small businesses funding in 48 hours. With Funding Circle’s Business Term Loan, borrowers can receive as much as $500,000 with term lengths ranging from six months to seven years for repayment. The company has lent more than $18 billion to 120,000 companies across dozens of industries.

 

Location: San Francisco, California

SoFi’s mobile app can be used for banking, investments and loans. The company’s loan products include student loan refinancing, private student loans and personal loans for things like home improvement projects and weddings. Whenever they make “smart money moves,” SoFi also awards users with points they can redeem for cash, loan payments and more.

 

Location: New York, New York

Biz2Credit provides small businesses with equitable loans that help them acquire the funds needed to push their business forward. The online platform offers working capital loans starting at $25,000, term loans of up to $500,000 and commercial real estate loans of up to $6,000,000.

 

Location: Fully Remote

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 through omnichannel customer engagement tools, automated risk management features and artificial intelligence for thorough application analysis and prediction.

Blend has been used globally by banks and customers that include Wells Fargo, U.S. Bank, Assurance Financial and Affinity Federal Credit Union.

 

Location: New York, New York

Businesses use Summer to help employees stay on track with paying off student loan debt. The company’s technology provides payment plan recommendations and quickly adapts to student loan policy changes.

 

Location: New York, New York

Brigit’s Instant Cash product gives users access to a cash advance of up to $250 without the burden of interest or fees. The company also offers its Credit Builder product that helps users apply for a loan and support them in setting aside money for monthly payments to improve their credit history.

Further ReadingFintech Banking: 16 Fintech Banks and Neobanks to Know

 

Location: Fully Remote

Business owners can sign up for a Nav profile and then the company’s technology sorts and matches them with financing options. The company says it has worked with more than 1.5 million business owners across the state, helping upwards of 150,000 small businesses get approved for financing.

 

Location: Durham, North Carolina

Credible’s marketplace allows users who are seeking student loans, personal loans or mortgage options to compare lenders online and see the prequalified rates available to them for free. The platform has been used by more than 2 million users who were able to compare personalized rates based on their credit history.

 

Location: Charlotte, North Carolina

LendingTree helps borrowers compare rates for personal loans, student loans, mortgages and business loans. Rather than disclosing their sensitive data to multiple lenders, users can fill out a single form from LendingTree to get matched with lenders from the company’s network.

 

Location: New York, New York

Better provides access to the tools people need to become homeowners while helping them avoid the unnecessary fees that can put a damper on the process. The company’s services include mortgage lending, real estate, title insurance and homeowner’s insurance while removing lender fees and commissions for a more equitable use of time and resources.

 

Location: San Francisco, California

Lendtable provides cash advancements for people looking to max out their employer benefits but don’t have extra money to do so. Through the platform, people continue to contribute to their 401k or ESPP plans and Lendtable reimburses these contributions twice a month. Once contributions stop, 20 percent of the profits and the cash advancement total are paid back to Lendtable.

 

Location: Boston, Massachusetts

Numerated partners with banks and credit unions to simplify how businesses purchase financial products. The SaaS loan origination system doubles to create overall digital convenience and streamline originations from the product to close. Whether it’s deposit account openings or business credit cards, Numerated hopes to facilitate the best models across numerous markets, products and asset sizes, so institutions benefit quickly.

 

Location: New York, New York

Reach Financial helps customers pay off debts by offering customizable loan options through its digital platform. Customers get to decide how much their monthly payments are on fixed loans ranging from $3,500 to $40,000. In addition, paused payments and free monthly credit score reports ensure customers remain on track to pay off their debts. To sign up with Reach Financial, customers answer a couple of quick questions about their loans and go on to set their own terms.

 

Location: Fully Remote

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. By finding personalized loans using alternative methods, Tala has assisted millions of consumers in building credit.

 

Location: Fully Remote

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 payment plans that help customers plan out their spending over time.

The Affirm installment loan platform has been used by global companies like Expedia, Wayfair and Peloton to give customers more financial flexibility.

 

Location: San Francisco, California

Kiavi provides flexible, short-term bridge loans for real estate investors who are looking to buy and rehab investment properties. The company’s short-term mortgages feature interest rates that start as low as 6.95 percent, providing greater liquidity and a scalability unseen from traditional loan providers.

 

Location: San Francisco, California

LendingClub provides personal loans of up to $40,000 as well as business lending options. For personal loans, the company says the online application takes minutes and approvals often happen within 24 hours. LendingClub can deposit money into a bank account for those who are approved or pay creditors directly.

 

Location: Boulder, Colorado

Neat Loans is a fintech company focused on simplifying the mortgage process and giving borrowers greater transparency. The company says clients can close on a home within two weeks of initiating the process by filling out a 15-minute application — three times faster than going through a traditional lender. Neat Loans’ services can be used by first-time home buyers, refinancers, investors and people looking for a second home.

 

Location: Austin, Texas

Open Lending operates in both big data and high finance to provide risk modeling and decision making software to automotive lenders. The company’s Lenders Protection solutions helps lenders use proprietary data and advanced decisioning analytics to increase near and non-prime auto loan volumes, leading to higher yields with less significant risk.

Open Lending’s automated lending services feature capabilities like loan analytics, risk-based pricing, risk modeling and automated decision technology.

 

Location: Fort Lee, New Jersey

PeerIQ, a Cross River Company, is a data and analytics firm using big data to analyze and manage risk in the peer-to-peer lending sector. The company’s SaaS platform sifts through the sea of data to bring transparency and responsible decision-making tools to loan originators, asset managers and underwriters.

 

37. ZestFinance

Location: Burbank, California

Zest applies artificial intelligence to lending. The Zest Model Management System is meant to make approvals faster and more efficient, giving lenders a clearer picture of which borrowers are creditworthy. The company said its product has led clients to see a 20 to 30 percent increase in approvals alongside improved risk assessment.

Margo Steines, Sara B.T. Thiel and Da’Zhane Johnson contributed reporting to this story.

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