Fintech apps have been making a serious splash in recent years. Whether its their outrageous funding rounds or their innovative, system-changing technology, fintech is taking off and there isn't much that can stop it. And with momentum on the side of these finance revolutionaries, one lending app just announced that they underwrote 1000 lines of credit…in just three weeks.
Unless you are a banker, a lender or an avid borrower of money, the time it takes to underwrite credit lines is probably not on the tip of your tongue. And while the answers to this question may vary, there is no way the average bank is cranking them out at a rate of two loans per hour (you do the math). However, this is the incredible rate that Lenny has been able to accomplish. As a peer-to-peer payment and lending platform, Lenny aims to make finance management easier for a forgotten generation.
While startup success provides enough motivation to innovate technology for financial purposes, Lenny aims to transform the way people bank, particularly Millennials. With nearly an entire generation effectively ignoring their credit score, the need for a way to productively build credit is higher than ever before. Lenny is providing the first peer-to-peer lending app that allows Millennials and other smartphone users to build their credit through transactions with people they trust. Rather than turning to banks, who have been less than trustworthy as of late, Lenny users can build financial stability with help from family and friends.
“It’s a win-win situation,” said Melissa Monte, Lenny’s Director of Media in a statement. “Our users get a real opportunity to learn financial skills that are beneficial for life.”
Lenny has seen an unprecedented level of success in the first month since their launch in late March, when they were introduced at the SXSW 2016 Fintech showcase presented by Village Capital in partnership with PayPal. As the discussion about the company continues, peer lending and payment user numbers have skyrocketed in just three weeks. Hundreds of friend requests have been sent and Lenny thinks that's a good sign.
“Lenny’s debut surpassed our most optimistic projections by far,” said Joe Bayen, CEO at Lenny. “We sensed the market was ready to embrace a mobile-centric solution that combines easy access to credit as well as credit score education. Our entire team is ecstatic to be validated by the market so early and so convincingly.”