LendKey Touts 58 Signings to Cloud-Based Student Lending Platform
Along with a new name, LendKey said it added 58 credit unions representing 1.3 million members to its client list for student lending services in 2012.
The New York-based, recently renamed from Fynanz, said there now are more than 235 credit unions using its cloud-based loan origination and servicing platform.
Growth was driven by marketing the existing membership base of lending partners and through school relationships and reseller partnerships, the company said.
“Our demand-generation services resulted in a 30% increase in school relationships for our lending clients and tripled the size of their reseller network,” said LendKey CEO Vince Passione.
The company said its client credit unions refinanced more than $125 million in private student loan debt since its creation three years ago, saving more than $25 million in interest payments.
cuStudentLoans, a private student lending network of more than 150 credit unions, is LendKey’s largest client.
“Millions of recent graduates are facing high interest student loan debt that makes their financial lives difficult to manage,” said Alice Stevens, chief operating officer at the $192 million First Financial FCU in Wall Township, N.J., and chairman of cuStudentLoans.
“Credit unions can continue to be their super heroes by helping them refinance their debt and provide other financial products to assist them with their money management,” Stevens said.