LendKey (formerly Fynanz Inc.) is a lending

platform Platform may refer to: Technology * Computing platform, a framework on which applications may be run * Platform game, a genre of video games * Car platform, a set of components shared by several vehicle models * Weapons platform, a system or ...

and

online marketplace An online marketplace (or online e-commerce marketplace) is a type of e-commerce website where product or service information is provided by multiple third parties. Online marketplaces are the primary type of multichannel ecommerce and can be a way ...

that allows consumers to apply for and receive private student loans, student loan refinancing and home improvement loans from their local

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...

s and

community bank A community bank is a depository institution that is typically locally owned and operated. Community banks tend to focus on the needs of the businesses and families where the bank holds branches and offices. Lending decisions are made by people w ...

s. LendKey's cloud-based tools and infrastructure enable the nation's 13,000+ community financial institutions to enter online lending and offer loans for various asset classes.

Overview

LendKey was founded in 2007 and was originally called Fynanz. As Fynanz, the company operated as a

peer-to-peer Peer-to-peer (P2P) computing or networking is a distributed application architecture that partitions tasks or workloads between peers. Peers are equally privileged, equipotent participants in the network. They are said to form a peer-to-peer n ...

loan platform for student loans, and distinguished itself from other P2P lenders by guaranteeing loans, and by using new data sources to assess the creditworthiness of applicants. In 2013 the company rebranded under the new LendKey name, and took its lending platform to credit unions and community banks. In January 2010, LendKey received $9.5 million in venture funding during its Series A round of financing. Subsequently, the company secured another $12.5 million in venture funding in August 2013, bringing the total capital raised by the company to $22 million. Series B funding was led by investors Updata Partners and TTV Capital, as well as existing investors

Draper Fisher Jurvetson Draper Fisher Jurvetson (DFJ) is an American venture capital firm focused on investments in enterprise, consumer and disruptive technologies. In January 2019, DFJ Venture, the early-stage team, spun out and formed Threshold Ventures. DFJ Growth ...

and Gotham Ventures. As of September 2014, LendKey has over 300 credit union clients with a combined loan portfolio of over $700 million, services more than 30,000 borrowers nationwide, and is sponsored by 28 state trade associations. In 2014 LendKey, which is headquartered in New York, opened a new office in the Cincinnati area. As of 2018 it claimed more than $2 Billion in loan originations.

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References

{{reflist Financial services companies established in 2007 Companies based in New York City Financial services companies based in New York City Loans