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We are proud to announce a new client in the electric vehicle fleet financing market joining LendAPI’s platform. The executive team from this client has been working in vehicle financing for decades. The risk management team have been in the car financing industry for a long time as well.
LendAPI is able to test and demo their third party connectivity to Equifax, Plaid within a few hours after they’ve submitted their credit bureau credentials into our platform.
This client also has very complex tradeline level decision rules as well as score cards designed based on credit tradeline level data. LendAPI’s staff implemented these rules on behalf of our clients in two days and were able to demonstrate the full rules execution as well as score cards designed by their risk team.
This client was on a competitor’s platform but they were able to onboard them for six months. And one of our FinTech Marketplace members referred them to us and we were able to get the onboarded in record speed as well as lower their spend by 1/10th of the total cost.
We are pleased with another speedy onboarding process by our customer success team and we also want to thank our support team at Equifax to quickly resolve issues with this client’s credentialing. Thank you.
Why did this client switch to LendAPI?
They were on another digital onboarding platform but their decision engine is simplistic and not powerful enough to host an in-depth tradeline level rule and credit risk model. They tried for six months and wasted hundreds of hours of professional service fees without any success. This client’s loan management system vendor recommended them to take a look at LendAPI which we were able to launch this electric vehicle fleet financing company in days.
LendAPI partners involved for this build.
Equifax. This lender leveraged Equifax’s personal and commercial credit reports to verify the fleet’s company profile as well as owner's profile.
LoanPro. This is the lender’s loan management system of choice. We are deeply integrated with LoanPro, so bringing these clients and launching them live took a few minutes.
Plaid. This client is using at least 3 different products from Plaid. We have all of Plaid’s products integrated into our platform.
How did we win this client over?
It took LendAPI hours and days to get this client onboarded.
Our rules studio and decision engine is superior and built for enterprise clients that need the sophistication to verify their clients and their credit applications.
All of our clients needed in terms of third party integration are out of the box on our platform, such as Equifax, Plaid and LoanPro. We were able to get him up and running and show a live demo in days and not years.
Our FinTech Marketplace member referral was the key to this deal formation. Our marketplace members and especially our integrated partners know how fast we can get our common clients onboarded, time and again.
About LendAPI
LendAPI launches your financial products instantly. Follow us on Linkedin, X, YouTube, and check out our Decision Engine, Product Studio, Underwrite AI, Embedded Financing Product, Marketplace, Academy, Podcast, Capital and our Weekly Newsletter. Introducing our new community LendAPI Marketplace Slack Channel.