Lendio, the leading marketplace for financial solutions for SMEs, reveals that it has purchased assets from Laso loan origination software (LOS) and insights technology, which should help pursue its goal of supporting SMEs.
This should serve as the basis for a customer-centric product offering for banking institutions, alternative lenders, and community development finance institutions looking for suitable underwriting solutions.
Financial service providers who have not been able to meet the demand for small business loans can now do so with a fully digital and more efficient solution.
After doing extensive research on the lending technology industry, Lendio claims to have found Laso’s AI, data science and machine learning features and capabilities to be the most advanced services in technology and data available in the market.
The technology is expected to allow Lendio to expand its market for small business loans to other lenders and their customers. This would be the first step in Lendio’s B2B strategy, which focuses on automating loan origination processes to support efficient underwriting of unsecured loans. It also helps provide access to a technology stack of small business loans and improves lenders’ access to loan origination tools.
Lendio is said to have facilitated more than $ 11.8 billion in financing through 300,000 small business loans. It has become a trusted supporter of small business owners looking to better understand their financing options.
Brock Blake, CEO of Lendio, said:
âLast year, when lenders struggled to offer a digital solution to disperse Covid relief funds, the Lendio team quickly stepped in and facilitated PPP loans to over 300 lending institutions that have supported over 60,000 small businesses. The process revealed an increased need for small businesses to have improved access to capital and lending options, as well as a need for banks, lenders, and CDFIs to have the appropriate tools to deliver credit solutions. small business financing.
âOur acquisition of Laso’s loan creation software is timely and essential to strengthening both sides of the funding process. We’ve always been there for the smallest of companies; now we’re also here for even the smallest of lenders as we pursue our vision of providing equal and fair access to capital to small businesses across the country.
To deliver the most customer-centric app experience, Lendio leverages various machine learning algorithms and data as well as SaaS technology to support matching small businesses with top lenders.
The company is fully committed to teaming up with, nurturing and propelling all service providers who use innovative technologies to support SME growth and entrepreneurship.