OAKLAND, Calif.--(BUSINESS WIRE)--Peach Finance, the leading modern loan management and servicing technology platform, today announced a partnership with Lendable, the U.K.-based consumer lender, as they launch two new products for the U.S. market.
With a thriving three-prong business in the U.K.—offering personal loans, credit cards and auto loans—Lendable has begun its expansion into the U.S. market, entering a territory where other established lenders like Avant, Mission Lane and Concora Credit have found success. Their first product is a personal loan under the Zable brand. Consumers can apply online for loans up to $35,000 with a quick application and a real-time decision.
Their second, forthcoming product is a Zable credit card. In partnership with Marqeta and Mastercard, this simple, flexible and transparent card program will allow consumers to easily track spending from their phones while building or rebuilding their credit history.
For Lendable, it was important to identify a loan management and servicing provider that was agnostic to asset class and could support a broad portfolio of lending products. Lendable also prioritized a solution with flexible first-party collections capabilities, robust investor reporting features, and omnichannel communications tools and templates out of the box. Finally, Lendable emphasized the importance of being able to seamlessly and dependably migrate their existing lending portfolio.
“Peach’s modern and configurable servicing platform checked all the boxes in terms of product configurability, servicing modules, compliance and data access,” said James Caviness, Lendable’s Chief Product Officer. “But what’s really exciting is the flexibility to support a wide range of asset classes and product constructs. It’s apparent that the platform was designed from the start with configurability and scalability in mind. With Peach, we don’t feel limited in the lending products we’ll be able to offer in the future.
“When it came to the migration, Peach’s Self-Service Portfolio Migration™ exceeded our expectations in terms of ease, speed and accuracy. We were able to manage the migration with only one engineer on our side. Testing showed that the migration process had accurately and fully moved our data onto Peach.”
Peach’s VP of Product, Russell Braden, commented on the partnership and the power of Peach’s Self-Service Portfolio Migration capability: “We’re thrilled to work with a best-in-class lender like Lendable as they expand into new geographies. Lendable has built a very successful business through best-in-class technology and through innovations that better serve the needs of consumers.”
Braden continued: “Migrations have long been a barrier to modernization for lenders—preventing them from moving on from legacy loan management platforms. Our innovative approach to migrations demonstrates that lenders no longer need to feel stuck. Peach prides itself on making it just as easy to modernize an existing lending portfolio as it is to stand up a de novo lending program.”
About Peach Finance
Peach Finance is an API-first lending technology platform powering innovative lending programs for many of today’s leading lenders, including Square, Mission Lane and Remitly. Peach is the only lending platform built on an Adaptive Core™, a new paradigm in loan management helping fintechs and traditional financial institutions quickly launch and confidently scale configurable lending programs. Peach is also the innovator behind the industry’s only Self-Service Portfolio Migration™ capability.
The company’s fully integrated suite of cloud-native products includes a loan management system that supports virtually any non-mortgage asset class and features 200+ configuration variables; a suite of proprietary servicing tools, including a lending-specific CRM, borrower portal, agent portal, payment processing, communications, reporting and first-party collections tools; and Compliance Guard™, a proprietary compliance monitoring system. Peach’s mission is to improve lives by giving every lender the power to innovate. Learn more at peachfinance.com.
About Lendable
Lendable is an AI-powered consumer finance platform with a mission to make consumer finance more transparent, fair and efficient. Its proprietary technology platform connects global institutional investors with borrowers across all major products (loans, credit cards, car finance). Headquartered in London, Lendable was founded in 2014.
