Attributes 8,812.87% Revenue Growth to Increases in Consumer Lending and Point-of-Sale Financing Through its Platform
KENNESAW, Ga.–(BUSINESS WIRE)–Data and technology platform LendingPoint today announced it ranked No. 9 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America and now in its 25th year. LendingPoint grew 8,812.87% since its start in 2015, hit successive usage records year-over-year and is now running $100 million per month in loan originations through its platform.
LendingPoint Chief Executive Officer, Tom Burnside, credits the company’s revenue growth to LendingPoint’s investments in tech infrastructure, machine learning algorithms and data science. He said, “Our lending platform, credit engine and fraud algorithms were first used to facilitate our own asset originations but we now our tech powers financial institutions and other investors as well, generating in 2018 alone more volume and revenue than we originated in 2015, 2016 and 2017 combined.”
“This year marks the 25th anniversary of Deloitte’s Technology Fast 500, so we are especially pleased to announce and congratulate the 2019 winners,” said Sandra Shirai, vice chairman, Deloitte LLP, and U.S. technology, media and telecommunications leader. “Once again, we saw innovation across the board, with software companies continuing their dominance of the top ten. It’s always inspiring to see how the Fast 500 companies are transforming business and the world we live and work in.”
“As technology innovation trends towards ‘everything as a service,’ it’s no surprise that software companies dominate the winners list yet again this year,” said Mohana Dissanayake, partner, Deloitte & Touche LLP, and industry leader for technology, media and telecommunications, within Deloitte’s audit and assurance practice. “What’s exciting about celebrating 25 years of the Tech Fast 500 is we now have a quarter century of innovation stories to draw and reflect upon. These are the companies that push boundaries, help organizations become more efficient and productive, and ultimately enable businesses to drive growth and revenue. We congratulate all the well-deserving winners.”
“In 2015 our goal was to look beyond the credit score to provide better lending options to NearPrime borrowers,” said Tom, “we’ve since expanded to help merchants close more sales with point of sale financing and are now providing our services to third parties and working to integrate financing and payments with loyalty using blockchain to protect PII and enhance the customer experience. Many thanks to our customers for believing in the product and for the support and constant innovation of the LendingPoint team.”
LendingPoint is a data and technology platform that originates unsecured personal loans both direct to consumer online and at the point of sale for financial institutions and for its own balance sheet. The company uses its data algorithms and technology to create a better lending and borrowing experience by finding for more reasons to say “yes” — helping consumers across the credit spectrum unlock access to affordable loans. Its LendingPoint Merchant Solutions platform provides merchants and other service providers a fully integrated, one-stop retail financing solution to convert more customers at the point of sale.
LendingPoint was named in 2018 one of the nation’s best consumer loan companies by U.S. News & World Report, one of the Best Personal Loans by NerdWallet, and the fastest-growing private company in metro Atlanta by the Atlanta Business Chronicle. In 2019, LendingPoint placed 17th on Inc.5000’s list of fastest growing private companies in the US, was listed as one of the top 40 fastest growing companies in Atlanta by ACG, and the company’s CEO Tom Burnside was chosen as Entrepreneur of the Year Finalist Southeast by EY. It is a privately held company headquartered in Kennesaw, Ga., with offices in San Diego.
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Stacey Clarke, Just Drive Media, [email protected]