SAN FRANCISCO, May 5, 2014 /PRNewswire-iReach/ -- At Finovate 2014, online lending innovators LendUp introduced their new, industry-changing LendUp API, which enables anyone who wants to offer small-dollar credit to do so. For example, mainstream lenders could offer loans to applicants they would otherwise decline, and merchants could offer LendUp credit as a payment option. The possibilities are endless, and the LendUp API does all the heavy lifting.
This is not the first time LendUp co-founders Sasha Orloff and Jacob Rosenberg have surprised the Finovate audience with their unique synthesis of technical innovation and business acumen. In 2013, the co-founders took "Best in Show" for their real-time demonstration of LendUp's Instant Decisioning and Instant Funding capabilities.
The LendUp API enables virtually unlimited growth, explained CTO Jacob Rosenberg: "Our API delivers fully-compliant small-dollar credit products for partners, developers, banks or non-profits. We can handle the customer experience on mobile or web, underwriting, the risk management, the servicing, the collections, and all the compliance. We've spent the past two years building solutions for these aspects of our business, and now we're looking forward to offering our technology to partners who also want to create unique solutions for their customers and communities."
For CEO Sasha Orloff, the LendUp API is a first step of the long-term plan to expand credit offerings to consumers in need. "Technology and education are core enablers in the success of our customers and the success of our business. It's the combination of the two however, that forces a new definition of what it means to be creditworthy into the marketplace. We're hoping that our API will catalyze even more change in what it means to be creditworthy."
The introduction of the LendUp API comes on the heels of a major funding announcement earlier this week, a $50M debt raise from Victory Park Capital, which will facilitate LendUp's swift national expansion campaign. With this new influx of capital, LendUp will continue to expand nationwide and redefine what it means to be "creditworthy."
LendUp is a socially responsible lender that offers a safe alternative to consumers that banks and credit unions decline. The LendUp Ladder changes the dynamics of the small dollar loan: rather than being a dangerous first step into a cycle of debt, it becomes an opportunity to learn good financial behavior and to build credit through education, gamification and a transparent fee structure. LendUp is located in downtown San Francisco and is backed by prominent Silicon Valley investors such as Y-Combinator, Google Ventures, Kleiner Perkins, Andreessen Horowitz Seed Fund, Thomvest Ventures, among other highly regarded angels and entrepreneurs.
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