NEW YORK–LendKey, a provider of a lending-as-a-service platform for banks and credit unions, announced that it has surpassed $3 billion in loan originations for its lending partners. Nearly 300 lenders have utilized the company's turnkey digital lending solution to expand product offerings across multiple asset classes to target prime borrowers, the company said.
"We are proud of this milestone and our continued rapid growth," said Vince Passione, CEO and Founder of LendKey. "We will continue to enable hundreds of traditional financial institutions to deploy capital in lending products offering attractive returns, asset diversification, and relevant offerings for the largest consumer demographic, millennials."
Partnerships with more than a dozen new lenders, including BankMobile, that have originated several million in loans per month since launching in Q2, 2019, has contributed to the $3 billion milestone. LendKey said it offers a quick and cost-effective solution for large and small financial institutions to generate loan volume utilizing the institution's pricing and underwriting guidelines.
"LendKey's digital lending solution enables us to expand our products quickly and cost-effectively using our brand and underwriting standards," said Luvleen Sidhu, Co-founder, President, and Chief Strategy Officer at BankMobile.
Recent partnerships include Franklin Mint Credit Union, California Credit Union and several other banks and credit unions, Lendkey said.