SaaS-powered loan management platform LoanPro has scored $100m in growth equity as it looks to move into new verticals.
The capital injection came from FTV Capital, an investment firm focused on innovative companies within the technology, financial services and payments sectors.
With the funds, the FinTech company hopes to bolster its functionality, move into new lending verticals and accelerate client-centric growth initiatives.
Founded 2014 by three brothers, Rhett, Ben and Lloyd Roberts, LoanPro is designed to empower lenders to reclaim operational control and leverage real-time data insights. The idea for LoanPro came after the brothers noted no lending applications met the needs of their own lending businesses.
Its API architecture enables automated and configurable workflow, real-time access to data and insights, frictionless payment collections, lending flexibility and improved customer experiences.
Currently, LoanPro has over $15bn of loans under management and more than 600 clients, which span a range of loan types and lending programmes. These include: . prime, sub-prime, personal, consumer, auto, business, point-of-sale finance and buy now, pay later.
The FinTech is currently available in the US and Canada.
LoanPro co-founder and CEO Rhett Roberts said, “As founders who started out as lenders, we understand the pain points that lenders experience.
“LoanPro was built by lenders for lenders—we use a modern tech stack to simplify the user experience of managing loans—we do the hard work on the back end to make the front end clean and simple to use. FTV Capital’s investment, in addition to their extensive market knowledge and vast strategic network, will help us grow our platform and accelerate our ability to reach and successfully serve even more lenders.”
As part of the deal, FTV Capital partner Robert Anderson will join the LoanPro board of directors.
Copyright © 2021 FinTech Global