Shipping Code and Clients

Platform Release v2.9.8 contains 107 tickets. 25 platform enhancements, 40 bug fixes, 25 hot fixes and 42 technical updates. The entire engineering, product and QA team worked hand in hand to ensure a smooth release. We have to thank them for their dedication. 

Even Sam and I got back into the groove and conducted testing, bug-finding and continued to improve upon the platform. As a reminder, our next platform release v2.9.9 will be in two weeks. If you have any bugs, feature requests, please connect with your customer success managers and let them know so we will get it locked and loaded. 

We have some exciting features heading into our v3.0.0 release. We are excited about continuing to uplift our platform packed with meaningful features heading into the fall season. We will tell you more about these in the “What’s Next” section of our platform update.

We’ve shipped an important client in collaboration with LoanPro. They are in the vehicle financing space dedicated to electric vehicles. We want to thank our team for designing custom credit attributes from raw credit bureau reports as well as working with Plaid IDV through integration issues.

When Others Talk About Us

I want to personally thank Rob Weber and the team from Great North Ventures for featuring us on their content website. 

This week the article titled “The ‘GoDaddy of lending’: How LendAPI enables embedded finance at scale” made a big bang on linkedin and created a surge of visitors to our website! Thank you Rob for giving us the attention we don’t deserve but we thank you from the bottom of our hearts.

I will be attending and presenting at this year's Great North Venture’s investor day later this month. Look out for more information from that event.

New Team Members and New Advisors

This week, our Chief Platform Officer, Vishwas Banu joined our team. Vishwas is a veteran of our industry and has designed and built critical BaaS and lending infrastructures that will help LendAPI to take it to the next level. 

Prior to joining LendAPI, Vishwas was the former Chief Product Offer at MBanq, a LendAPI Partner. Before MBanq, Vishwas was a VP with Fineract as well as the founder of FinFlux, a key FinTech infrastructure company in lending in the country of India.

We welcome Vishwas to our team and we have a lot to learn from each other. Vishwas will be reporting to me and serve on our executive management team.   

Peter Renton, a pioneer in the FinTech industry has joined LendAPI as strategic advisor. Peter has been in the fintech space for as long as I have. Over the past 15 years or so, Peter organized conferences, interviewed top executives in our space and built many platforms in the p2p lending space and beyond.

We are elated to have him join our growing advisory board with Javed, Kim, Walt. In the coming weeks we will be announcing three more advisory board members joining LendAPI. These folks are all hard hitters, former executives at top tier fintech firms around the world. I can’t wait to unveil this new line up of advisors.

We’ve also hired another industry veteran that will fill our Head of Decision Science Technologies position. He will be starting in a few weeks and take on an important role to help our growing customer base leveraging our high performance decision engine to serve clients worldwide. We will unveil this individual in the coming weeks.

We are also hiring engineering talents in Irvine, CA (HQ) as well as in our India office. If you would like to join LendAPI to build out the next generation fintech infrastructure, please get with us.

LendAPI Partner Podcast

Rutger and I are busy this week getting folks lined up to get recorded. I am surprised a lot of you guys are either camera shy or have major stage fright. Anyways, if you want to celebrate your success and talk about your origin story or just about why your company is undeniable, please give us a holler. We would love to host you on our Partner Podcast.

For now, please visit one of our first episodes with Ram Venkataraman of Sei AI.

LendAPI Partner Podcast with Ram Venkataraman, Co-Founder of Sei AI

We love working with FinTech startups. We talked to a bunch of them this week and I am amazed at the amount of talent seeping into FinTech and building cool technologies and products with LendAPI. We can’t wait to work with you.

LendAPI Academy

Kay and I are taking LendAPI Academy to a whole new level this week. It seems like we have a new episode produced weekly. When you are this excited about your product, recording these episodes is very enjoyable and affirming. Check out these six new episodes spanning from our new Doc AI tool to Credit Risk Management topics as well as key features in our Model Studio and Variable Studio.

• LendAPI Academy: Meet the Full-Stack Product Builder: End-to-End Development, Simplified - In this video, we’ll walk you through how to use Product Studio — a powerful tool for building full-stack applications.

• LendAPI Academy: Designing Multi-Nodes, Review Action Nodes & Adding Custom Risk Models - In this episode of the LendAPI Academy – Credit Risk Management Series, Tim walks you through three powerful enhancements to your decision trees

• LendAPI Academy | Credit Risk Management Ep. 2: Combo Rules, Approvals, and Testing - In Episode 2, we dive deeper into building powerful decisioning workflows using Combo Rules, Approval Rules, and Rule Testing inside the LendAPI Rules Studio.

• LendAPI Academy - How to Add Data into the Platform: Step-by-Step Tutorial - This training video provides a comprehensive walkthrough of managing data within the platform. From creating and configuring custom data fields to performing essential calculations and ensuring secure data storage, you'll gain the practical skills needed to handle your platform's data efficiently. 

• LendAPI - Know Your Business - In this episode, we will show you how our KYB tool is built and how to use it to search any business in the United States. This tool makes it a great way for underwriters to complete their due diligence process. We think it’s pretty cool. Check out my live demo of the tools.

• LendAPI Doc AI Live Demo – Scan, Extract, Organize with Ease - In this live demo, I walk you through LendAPI’s Doc AI User Interface, a powerful document automation tool that’s built to streamline income and financial verification.

LendAPI FinTech Marketplace

This week, we have our 258th member joining our fintech marketplace in the SMB & Commercial Lending category.

• Kaaj - Kaaj is an AI-powered credit intelligence platform that transforms small business lending by slashing approval times from weeks to minutes.

• Infintegration - Infintegration is a fintech SaaS provider delivering plug-and-play, mapping-enabled integration-as-a-service to connect modern banking technology with legacy systems quickly and efficiently.

We are a little backlogged here to get new members onboarded so excuse the dust. But building the fintech community is our priority number one and we will get through all the membership requests asap!

If you want to join our FinTech Marketplace, please email us at info@lendapi.com or go to our marketplace website and click on Join Marketplace. 

LendAPI Platform Release Notes - v2.9.8

The final tally comes in at 107. This is how many tickets were produced by our hard working men and women at LendAPI. If you want to join our company and work on this fast flying fintech scale up, please email us at info@lendapi.com. Every resume is being looked at.

Here are some of the highlights in our release:

Third Party Integration Partners:

• Plaid CRA: We enhanced Plaid CRA product to retrieve Plaid CRA Base Report as well as Plaid Income Insight at the same time. We also mapped some new Plaid variables into our Model Studio for you to write rules with.

• We added some fun derived variables based on Plaid CRA attributes to help our client to make some unique credit underwriting decisions.

• We added Equifax OneScore Mode from the Equifax OneView product to the integration partner list.

• We also added the Equifax Synthetic ID product to the integration partners list as well.

• We added JD Power data partner to our integrations list.

LendAPI Agent Dashboard Updates:

• We resolved a bunch of issues with Agent Dashboard. We optimized for speed this time and every tab within Agent Dashboard comes back in a flash. Go ahead, give it a try.

• We made enhancements to the Data Tab where agents can see all of the data that’s used during the underwriting process.

• We added Lender Marketplace offers to the Agent View. You can now see all of the bank offers that were approved besides the lender approval decision.

• We made some enhancements to the Email features to pre-populate email with templates and direct upload links.

• We also cleaned up some of the Doc Upload workflow sequencing to be more direct and clear on the Agent Dashboard.

• We also fixed some sorting issues in the column views in various tabs in Agent Dashboard.

LendAPI Product Studio Updates:

• We added a new feature where an application can e-sign multiple documents during the onboarding process. Previously we only allowed applicants to sign one agreement per application journey.

• We made some small enhancements to the Field Dragging event to make the UX more stable and create a more smooth experience.

LendAPI Rules Studio Updates:

• We simplified some workflow within the Rules Studio, when a new node is created, we will add the Yes and No nodes with one click as opposed to three clicks. This will make Decision Tree building a little easier and faster. 

• We also build enforcements and validation where the builder must complete the rules expression and others must have fields before exiting or save the rules.

• We made some UI enhancements to dialog boxes to have a more consistent look and feel to the rest of the screens. We also masked some sensitive data on the dashboard applicant view as well as fixed some mouse-over icons that were missing.

What’s Next?

We are heading into 2.9.9 with a few things in mind. We are working on a true dynamic co-applicant feature that will be built into our Product Studio. This is a complex process and requires a lot of management tools to make it work. Situations such as should we allow the primary applicants to continue the application while the co-applicants are doing their work are all being considered in this new enhancement. 

We have also started building out our Chat/SMS platform where our clients can chat and test customers straight to their cell phones. This powerful feature will help our clients to engage their end clients further and make it an even smoother customer experience.

About LendAPI

LendAPI is a Loan Origination System builder. You can use it to launch any LOS instantly at your own pace with our do-it-yourself launch engine. 

Follow us on Linkedin, X, YouTube, and check out our Decision Engine, Product Studio, Underwrite AI, Doc AI and Agent Dashboard as well myOCR.ai. Check out more content at LendAPI Academy, Podcast, and our Weekly Newsletter with our Marketplace Slack Community.