NEW YORK–LendKey, the lending-as-a-service platform that connects borrowers with credit unions and banks, said it has hit a number of milestones, including now having deployed more than $800-million in loans to over 35,000 borrowers and raising an additional $125-million commitment from its network of lenders.
Those milestones follow recent announcements of a $1-billion commitment from MidCap Financial, and a partnership with Navy Federal Credit Union.
To support its rapid growth, LendKey said it secured the $125-million commitment from its client base of 300-plus credit unions and banks. Additionally, LendKey closed an $8-million venture debt line from Silicon Valley Bank. The venture debt will be used to drive continued technology and product innovation, and expand its partnership and marketing initiatives, the company said.
“Our growth demonstrates that traditional lenders have a solid opportunity in online lending,” said Vince Passione, CEO and Founder of LendKey. “The LendKey platform enables banks and credits unions to offer their low-rate loans online, directly to consumers. With our technology, community financial institutions can succeed in the $3.2 trillion consumer lending market, offering increased choice, transparency, lower rates and a seamless digital experience.”
LendKey also appointed eight industry veterans to the management team: Strati Papageorge, chief product officer; Mike Stallmeyer, SVP finance; Anil Nair, SVP engineering; Jason Hills, SVP sales; Aswin Rajappa, SVP marketing; Jeff Silberman, SVP institutional business development and Anne Sharkey, SVP loan operations. This team brings expertise from a broad range of companies, including Dealertrack, UBS, Priceline.com, Capital One, Finserv and more.
For info: www.lendkey.com.