Lender Marketplace is the ability for you to match your applicants to as many lenders as you like at the same time. Imagine being your own LendingTree. You can configure your lending affiliates one by one with their underwriting models, strategy and pricing all in one place. 

Check out our new product page dedicated to Lender Marketplace: LendAPI Lender Marketplace.

Why is the Lender Marketplace important? Often Lenders have limited amounts of capital but there are still customers or applicants coming to their website or store for product and services. Lender Marketplace will give them a chance to provide financing for everyone and maximize their the lenders return by presenting all of the lending capacities from their lending affiliates.

If you are a product or service provider such as a cosmetic surgery lender. You may want to intentionally spread your applicants to different lenders or banks that you’ve negotiated with to diversify your portfolio. All of these activities are possible now.

Lastly, if you want to create a private network of lenders and expose them to a variety of lending products, you can use this Lender Marketplace platform to manage all of your lenders all in one place. 

Lender Marketplace features a complete new add on to your existing platform and it is only available at the enterprise level. This feature will create a brand new business model for you, whether you are a lead generator, bank or a financial institution, you are now able to do this with LendAPI platform.

We will give you more details about our new Lender Marketplace functionality in the release notes section of our weekly platform update blog. And of course we have other goodies in this release that we want to talk to you about.

LendAPI Partner Podcast

This week, we have a really great episode with our Techstars Alumnus Austin Carroll of Warrant. Warrant has just finished their round of fund raising so she has a ton to discuss. We are so glad she made time for us to be on our LendAPI Partners Podcast and here’s her episode. 

LendAPI Partner Podcast with Austin Carroll, Founder & CEO of Warrant

If you want to keep the conversation going, please join our free LendAPI Marketplace Slack Community. Where you can meet other FinTech executives and our FinTech Marketplace members.

LendAPI Academy

This week we dive deeper in the power of our decision engine as well as our rules studio. LendAPI processes over 100,000 applications daily and our banks and lender clients are using our rules studio to design some of the most complex decision paths to date. In this episode, Key is showing everyone how to design nested design logic using our rules builder. Please follow us on YouTube and please enjoy our episode 28, “Nested Design Logic”

Inside LendAPI Part 3: Nested Design Logic

LendAPI FinTech Marketplace

This week, we want to welcome Avenue Link, a pioneer in the lending industry and they have been generating quality leads for lenders for decades. We want to welcome Avenue Link to our marketplace and here’s our celebration webpage we’ve built for them:

We want to welcome Avenue Link as our 227th member to our LendAPI FinTech Marketplace.

LendAPI Platform Release Notes - v2.8.7

Overall Platform Enhancements

Lender Marketplace 

• After months of development and testing, we have finally released one of the most requested features of our platform, Lender Marketplace. This feature gives you the ability to launch your private lender matching network. Whether you are a lender, bank, fintech or retail player, you can now finance your product and services and match with an unlimited number of lenders you have a relationship with in real time.

• A new section called “Lenders” is located on the left hand side of the navigation panel. This is only available for the Enterprise Client, please contact us for more information and we would be happy to show you a demo. What this also means is that this feature is not included in any of the published pricing on our website.

• To tie lenders to your product. We’ve developed a workflow for you to tie the Products you’ve built from your Product Builder and add Lenders to that product. So when an applicant is completing the application (product), the lenders are automatically matched based on one credit pull.

• We give you the ability to add and delete lenders to an established product-lender relationship. 

• We have a brand new way of displaying multiple lenders’ offer slate in our multi-product design. When an applicant is qualified for one or multiple lenders' offers, the offer slate will be displayed.

• And of course, we have a brand new workflow for you to create a new lender to be added as part of your lender marketplace. You can set up their underwriting rules, pricing, models as part of this lender onboarding process.

Product Studio - Preview Mode

• We’ve made some enhancements to the preview of the product after you’ve built a brand new product. The preview will always start at the beginning of the application flow (the first page).

Platform - Login UI

• We made some beautification changes to the login page. Please enjoy.

Model Studio - UI

• We made some beautiful changes to the derived variable builder. Please enjoy these changes.

Rules Studio - UI

• We’ve tightened up the look and feel of the rules studio. Please enjoy these beautification changes.

Workflow Automation - Document Request and Rule Execution

• We’ve added a piece of automation where as soon as documents have been uploaded, a rule can be run immediately afterwards. Previously, the document upload outcome will trigger a manual review but clients are demanding that other types of rules can carry on while an underwriter is reviewing the uploaded document. We will use this to execute OCR scan types of technology after a document has been uploaded.   

Tenant Onboarding

• We added an email trigger to alert new tenants being onboarded. As a reminder, if you have multiple locations or stores that you need to manage which requires their own user login and underwriting, LendAPI Tenant platform allows you to manage as many tenants as you like and manage each tenant with their distinct underwriting, pricing and personnel details.

LendAPI Webhook Update

• We added a few key attributes to our webhook setup so it’s easier for our partners to accurately locate the lead or application in a call back action. 

Rules Studio - Background Enhancement 

• We added a few elements in the background to preserve the integrator calling sequence in our internal APIs to preserve the waterfall sequencing.

Errata

• We addressed a few decision tree run time issues established when a tree has run and a decline reason was already rendered as “declined”.

• We fixed an issue where if a stage/tab is deleted in Product Studio draft mode, it was causing an error when you are trying to publish another version. The stage/tag was “hidden” when deleted. It’s been addressed.

What’s Next?

How that our Lender Marketplace has been released, we can collectively breathe a sigh of relief. However, we have bigger rocks to crush. For instance, our Model Runtime Service is on the horizon and our KYB Search is also very close to being released. 

The Model Runtime Service allows our clients to upload Docker Containers directly into our Model Studio to run their blockbox hosted by LendAPI without exposing their underwriting model. As part of this future release, we will also gain the ability to have our clients upload Amazon Sagemaker models (essentially a docker container) directly into our platform as well.

Our KYB Search gives our clients the ability to search for a business with an user interface. This will make our KYB offering independent of our overall platform. That is to say, we will  

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.