LendKey has chosen BillingPlatform to modernize and scale its billing infrastructure in a new multiyear agreement designed to support growth. This move replaces legacy systems with an advanced monetization solution that handles the intricacies of LendKey’s business model. LendKey operates the digital lending network for consumer loans through hundreds of credit unions and community banks. The company offers private student loans, student loan refinancing, and home improvement loans. ALIRO, its platform, allows local lenders to reach a national borrower market while maintaining their focus on their communities.
“Our mission is to help community lenders efficiently deploy capital, mitigate risk. Diversify their portfolios beyond their local markets,” said Jon Enders, VP of Finance & Accounting at LendKey. “As our company grew, we needed a billing solution that could match our pace and handle more complex pricing. After carefully reviewing our options, we chose BillingPlatform because it is easy to use and flexible enough. To reduce our reliance on IT, and show a strong understanding of our business and pricing needs.”
Automating Revenue Management for Scalable Growth
As the loan amount and the number of partnerships. As LendKey increased, there was also a recognized need for an automated billing platform. LendKey’s team has traditionally employed an Excel-based spreadsheet. With macros and coding-based tools, but as the pricing models have become more intricate. So has the tool set required to handle them. By using the Billing Platform, LendKey will be able to streamline its operations. Efficiency in tackling the changing and fluctuating nature of the market and its customers. BillingPlatform offers an effective and ubiquitous cloud-based platform aimed at completely managing. The entire process of revenue management, including products, billing, and invoicing. This platform will be helpful in allowing LendKey’s financial team. To react with speed and agility in modifying and validating pricing in real-time.
“With its network approach, LendKey is unlocking the $3.6 trillion consumer lending market. To the nation’s more than 13,000 community banks and credit unions, while connecting borrowers with trusted lenders. To make more transparent, accessible, and low-cost borrowing options available,” said Chris Bishop, CEO at BillingPlatform. “Our flexible monetization platform will empower LendKey’s finance and accounting team. To make pricing adjustments in real time and validate billing logic before invoicing. Accelerating their business and making them more responsive to the market.”
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News Source: PRNewswire.com
