LendingPoint Announces Another Quarter of Assets Under Management (AUM) Growth
LendingPoint, the AI-driven CreditTech platform that provides one-stop financing solutions for consumers, e-commerce and point-of-sale partners, and lending institutions, announced that it has achieved its ninth consecutive quarter of profitability in Q3 2022.
“As we navigate a period of economic uncertainty, I am proud of the LendingPoint team for achieving nine consecutive quarters of growth”
Financial and operational highlights throughout the quarter include:
- Platform originations of $2.5 billion through Q3 2022 increased 72% over last year.
- Revenue growth in Q3 2022 increased 68% over Q3 2021.
- Closed $311 million ABS transaction.
- Launched the first phase of its Preferred Payments initiative, giving customers the ability to sync their payments alongside a schedule of choice.
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“As we navigate a period of economic uncertainty, I am proud of the LendingPoint team for achieving nine consecutive quarters of growth,” said LendingPoint CEO Tom Burnside. “The reality is that inflation and rate hikes continue to introduce challenges for far too many individuals, and we have kicked off the last quarter of the year with a renewed focus on ensuring we have the right programs in place for our customers to help set their goals in motion.”
Amid adverse market conditions, LendingPoint adjusted its approach to continue to produce strong margins through the quarter, reinforcing consistent growth with nonstop innovation and an elevated customer experience to best support its customer’s changing needs.
Burnside added, “We’ve achieved 72% platform growth over the past year using proprietary algorithms and technologies, and by continuing to prioritize the customer journey to position LendingPoint as a life-long financial partner.”
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