LendingPoint Partners with Corridor Platforms to Launch State-of-the-Art Pricing Optimization Engine That Enhances Customer Experience
LendingPoint, a financial AI CreditTech platform, today announced that it has chosen Corridor Platforms, a leading decision workflow automation platform, to provide it with a state-of-the-art pricing optimization engine.
LendingPoint provides the technology to originate and service Super Prime, Prime and Near Prime consumer loans to banks and other institutions, merchant partners, ecommerce platforms, and direct to consumers by leveraging big data, machine learning and best-in-class credit algorithms. LendingPoint customers use the platform to provide credit to enable them to close more sales, provide their ecommerce merchants needed growth capital or simply to generate new customers for their other financial offerings. LendingPoint itself uses the platform to generate loans to sell in the ABS market, to forward flow buyers or to hold on its balance sheet.
"We operate in a highly competitive and fast evolving online lending platform marketplace and needed pricing at 'segment-of-1,'" said Ashish Gupta, LendingPoint's Chief Risk Officer. "Our banking partners, merchant partners, ABS program managers, and ecommerce platforms all have different product needs based on their regulatory frameworks and business goals - and we need to provide their consumers rapid iterations of pricing strategies based on real-time market dynamics, while maintaining high acceptance rates, reduced cycle time, transparency and strong governance."
Manish Gupta, CEO of Corridor Platforms, said, "We are delighted to onboard LendingPoint and help enable real-time pricing optimization as a key competitive differentiator for them. Our modular solution automates the entire decision manaement lifecycle, enabling cutting edge AI/ML with full controls and governance while shortening time-to-impact. It is built purposefully to not only enable advanced analytics and real-time decisioning at highly regulated banks, but to also enable leading edge companies like LendingPoint to serve the needs of their financial partners with full transparency and the highest standards of compliance and governance."
With more than $5 billion of platform originations and more than 3,000 small business and e-commerce platform partnerships, LendingPoint has helped hundreds of thousands of customers unlock their power of possibility and realize their financial goals, while connecting its partners with ready-to-purchase consumers.
About Corridor Platforms
Corridor Platforms is a leading provider of proprietary decision workflow governance and automation software. The company's decisioning platform was created by a team of highly seasoned credit professionals to allow regulated companies to leverage the most advanced analytics and big data capabilities in real-time decisioning. The core leadership team comprises of senior executives with decades of experience designing, underwriting, pricing, and managing multi-billion-dollar lending portfolios through multiple credit and recessionary cycles. Corridor Platforms Inc. is majority owned by its founders, with additional investment from EXL Service and Oliver Wyman. Learn more about Corridor Platforms at https://corridorplatforms.com.
LendingPoint is an AI-driven CreditTech platform that provides financing origination solutions to consumers, for ecommerce and point of sale partners, and lending institutions. The company's fraud prevention, risk and asset management algorithms are used to create financing opportunities across the credit spectrum. Its LendingPoint Merchant Solutions platform provides ecommerce platforms, merchants, and other service providers fully integrated, one-stop financing solutions to convert more customers.
For three years running, LendingPoint ranked on Deloitte's Technology Fast 500 list, was honored as one of the top 40 fastest growing companies in Atlanta by the ACG and has been named to Inc. 5000's list of fastest-growing private companies, ranking 17th in 2019. LendingPoint was named one of the 2021 Best Places to Work by the Atlanta Business Chronicle. LendingPoint is a privately held company headquartered in Metro Atlanta, with offices in San Mateo, New York, Dallas, and Chicago. LendingPoint, LLC owns and operates the LendingPoint platform.