Lendio Acquires Laso AI-Based Loan Creation Software to Offer Underwriting Solutions to Lending Institutions
Financial institutions will have instant access to increased efficiency in SME lending, enabling access to capital for thousands of small businesses across the country. Digital infrastructure solutions will further accelerate Lendio’s growth and position as the nation’s leading provider of financial solutions for small businesses.
LEHI, Utah – September 16, 2021 – (Newswire.com)
Lendio, the leading national marketplace for financial solutions for small businesses, today announced the purchase of assets from Laso’s Loan Creation Software (LOS) and proprietary analytics technology, further strengthening its mission to support small and medium enterprises. This will serve as the basis for a revolutionary customer-centric offering for banks, alternative lenders and community development financial institutions (CDFIs) looking for effective and affordable underwriting solutions. Financial institutions that were unable to meet the demand for SBA and small business loans are now able to do so with a fully digital and efficient solution.
After conducting extensive research into the loan technology market, Lendio found that Laso’s capabilities in artificial intelligence, data science, and machine learning were the most advanced solution in technology and data. The new technology will allow Lendio to further expand its small business loan market to thousands of lenders and their clients nationwide. This is the first step in Lendio’s B2B growth strategy – automating loan origination practices to support efficient unsecured loan underwriting, creating access to an innovative lending technology stack for small businesses, and improving lender access to loan origination tools and services. To date, Lendio has facilitated over $ 11.8 billion in financing through more than 300,000 small business loans and has become a trusted advocate for small business owners looking to understand their financing options.
“Last 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, ”said Lendio CEO Brock Blake. “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 solutions. small business financing. Our acquisition of Laso’s loan creation software is timely and essential to empowering 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.
In order to deliver the most customer-centric app experience, Lendio leverages advanced machine learning algorithms and data, and proprietary SaaS technology to support SME matching with lenders. appropriate. The company is committed to continuing to partner, nurture and advance all institutions that leverage technology to fuel SME growth and entrepreneurship.
To learn more about Lendio, click on here.
Lendio is the nation’s leading provider of small business finance solutions. With its diverse network of lenders, Lendio enables small business owners to apply for multiple loan products with a single request. To date, Lendio has facilitated over 300,000 small business loans for total funding of over $ 11.8 billion, including $ 9.8 billion in PPP loan approvals as part of the government relief. COVID-19. Lendio is a values-driven organization that strives to provide equal access to capital to underserved communities and America’s smallest businesses. For every new market loan that Lendio facilitates, Lendio Gives – an employee contribution and employer matching fund – provides a microcredit to a low-income entrepreneur around the world. More information about Lendio is available at www.lendio.com.
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