UPDATED BY
Rose Velazquez | Nov 02, 2022

The fintech ecosystem is loaded with disruptive companies, though perhaps none more so than those in the lending sector. Employing artificial intelligence, big data and even blockchain, financial institutions — both new and old — are using technology to solve long standing issues.

Fintech Lending Companies

  • Affirm
  • AVANT
  • Fundbox
  • Braviant Holdings
  • Funding Circle
  • LendingClub
  • SoFi
  • Kabbage

The mortgage industry, for example, is an industry that can greatly benefit from new lending technology. Haunted by the mistakes of their predecessors during the 2008 financial crisis, a new breed of fintech-powered mortgage companies are executing responsible and transparent loan agreements at scale — in effect, personalized loans that are vastly different from the one-size-fits-all breed that proved so problematic a decade ago. 

We’ve rounded up fintech companies that are at the forefront of intelligent lending.

 

Fintech Lending Companies to Know

Location: Fully Remote 

Reggora has crafted the ideal 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.

 

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.

 

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

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: 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: 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.

Further Reading36 Top Fintech Payment Processing Companies

 

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

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: San Francisco, California

Kiavi provides flexible, short-term bridge loans for real estate investors who are looking to finance the 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: 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 70 different industries.

 

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: 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: 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: 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.

Read More81 Fintech Companies and Startups to Keep in Your Back Pocket

 

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: New York, New York

Bond Street uses data-driven algorithms to help small businesses secure loans. The company specializes in personalized loans for small businesses looking to open a new location, add inventory, boost their operations, refinance debt or expand their team. Profitability and a few other factors are taken into account before Bond Street is able to provide a personalized loan.

 

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.

 

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.

 

Location: Atlanta, Georgia

Kabbage from American Express is a fintech company that brings businesses products and services to help them manage their cash flow. Business owners can apply online in minutes for a line of credit through Kabbage Funding and then pay fees only on the amount they use without any prepayment penalties.

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