5 companies reforming the lending landscape in the Americas

By Edlyn Cardoza

The FinTech ecosystem is filled with disruptive companies, but more so than those in the lending sector. Employing AI, big data, and even blockchain, financial institutions – both new and old are using tech to solve longstanding issues.

The lending industry is witnessing a significant shift from traditional to new, unconventional lending models. New entrants such as FinTechs and BigTechs seamlessly integrate Lending with other ecosystems. Alternative data is also gaining huge importance for decisioning, and new-age lenders are leveraging technology to make the process faster, accurate, and seamless.

Here are 5 companies reforming the lending landscape in the Americas:

• Better

Founded in 2016, Better is a digital-first homeownership company whose services include mortgage, real estate, title, and homeowners’ insurance. From its founding in 2016 through mid-2021, Better funded over $45 billion in home loans and provided over $25 billion in cumulative coverage through Better Cover and Better Settlement Services, the insurance divisions of Better. Better has raised over $400 million in equity capital since its inception.

• LendingTree

LendingTree is the nation’s leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers’​ credit accounts against offers on their network and notifies consumers when there is an opportunity to save money.

• Lendsmart

Lendsmart’s end-to-end solution automates & digitises lending and home buying operations for banks, credit unions, and non-bank lenders. Our suite of APIs and artificial intelligence technology automate today’s manual processes allowing borrowers to get a loan, refinance, or buy a home in record time.

• SoFi
  

SoFi is a values-driven company on a mission to help members get their money right. They create modern financial products and services that help people borrow, save, spend, invest, and protect their money better to achieve financial independence and realise their ambitions—from owning a home to saving for retirement, paying off their student loans, and more.

• Uplinq

Uplinq is the first global credit assessment platform for small business lenders. They provide lenders confidence through billions of unique & validated data signals beyond traditional credit indicators to make the most accurate decisions possible. Its platform allows lenders to gain insights on all SMBs in their portfolio while empowering them to support better the underserved, unbanked, minority & immigrant small business owners.