Student loan provider LendKey, based in New York City, said Wednesday it hassurpassed $500 million in loan volume originated and serviced onits cloud-based technology platform.
|“Lenders today face significant challenges in effectivelydeploying their capital into the retail lending market,” saidVince Passione, LendKey's CEO. “Surpassing $500 millionin loans originated through our platform is a testament to thedemand that lenders have for this solution.”
|LendKey, founded in 2008, has primarily provided financialinstitutions, including credit unions, with lending platforms forprivate student loans and private student loanconsolidations.
|The company said it currently offers student lendinginfrastructure to more than 260 financial institutions as both atechnology and business process-outsourcing provider, whichincludes marketing and demand generation support in addition toloan origination and servicing.
|“We're excited to continue to help lenders solve thisproblem through student lending, as well as many other potentialasset classes down the road,” Passione said.
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