LendingPoint Recognized for “Best Consumer Lending Product” with FinTech Breakthrough Award

“We extend our sincerest congratulations to LendingPoint on their well-deserved industry recognition for innovation in the consumer lending category…”

LendingPoint, the company working to revolutionize access to credit, today announced that it has been recognized as the “Best Consumer Lending Product” by FinTech Breakthrough, an independent organization that recognizes the top companies, technologies and products in today’s global FinTech market.

“It’s an honor to be recognized by FinTech Breakthrough, especially among so many innovative companies around the world,” said Tom Burnside, co-founder and CEO of LendingPoint. “Until now, lending has relied too heavily on FICO, which overlooks a lot of creditworthy people and leaves them stuck between bank declines and few other responsible borrowing choices. Our mission at LendingPoint is to provide fair loans to millions of people in the NearPrime market who deserve better access to credit, helping them improve their financial story.”

The goal of the FinTech Breakthrough Awards is to honor excellence and recognize the creativity, hard work and success in a range of FinTech categories, including Lending, Payments, Personal Finance and Wealth Management, RegTech, InsurTech and many more. This year’s program attracted more than 3,000 nominations from over 15 different countries worldwide. All nominations were evaluated by an independent panel of experts within the FinTech industry, including media, analysts, and technology executives.

“We extend our sincerest congratulations to LendingPoint on their well-deserved industry recognition for innovation in the consumer lending category,” said James Johnson, managing director at FinTech Breakthrough. “With sophisticated real-time risk assessment models and the use of predictive analytics, the LendingPoint platform provides an innovative approach to managing risk while extending credit to a wider range of consumers. We absolutely look forward to seeing their continued growth and innovation in the consumer lending industry.”

“A lot of lenders lack the experience to understand the NearPrime market, and so they price unfairly and decline unjustly. This creates a lot of unnecessary barriers,” said Juan Tavares, co-founder and Chief Strategy Officer of Lending Point. “At LendingPoint, we use a combination of data and technology that looks beyond customers’ credit scores to understand the human element of their stories. We’re more interested in where they’re going, not where they’ve been.”

LendingPoint combines data and technology to create a proprietary risk model that adds other dimensions to credit analytics. This model allows the company to get a more complete financial story of the customer and approve…

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