LendingPoint Launches New SDKn Technology to Simplify Consumer Credit Approval for E-Commerce
The Software Development Kit (SDKn™) enables merchants of all sizes to easily integrate the Lending Operating System and provide access to credit for ready-to-purchase consumers
LendingPoint, a data and technology platform dedicated to democratizing credit and accelerating commerce, announced a first-of-its-kind Lending Operating System (LOS), named SDKn, that creates an instant consumer credit pre-approval platform for businesses of all sizes offering affordable financing options to the widest credit range of their customers.
With just a few lines of code, SDKn quickly and effortlessly integrates into existing payment platforms, giving consumers an instant credit decision for in-store and e-commerce purchases, without ever having to leave the website or payment processor. The SDKn One App, One Approval, Multiple Lenders feature can be configured to permit multiple lenders with diverse credit “appetites” to operate within a single user experience without revealing their underwriting criteria to others.
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“Over the past year, we’ve worked hand-in-hand with our small business partners and customers to perfect the financing and purchasing experience,” said LendingPoint’s Chief Technology Officer, KN Kasibhatla. “SDKn™ allows large and small merchants, regardless of their technology capabilities, to easily deploy a consumer financing tool for online and in-store transactions, offering multiple fulfillment possibilities, including virtual cards, direct deposit to customers, and immediate money transfers to the merchant.”
Commerce as we know it continues to evolve in the wake of the current health pandemic, so now more than ever, businesses need the ability to offer more purchasing options to current and future customers, particularly those who prefer the certainty and simplicity of regular, affordable monthly payments.
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SDKn™ is now readily available to all e-commerce platforms, merchants and small businesses to deploy into their online or in-store payment processing platforms to offer consumers a seamless lending and shopping experience.
LendingPoint originated its first loan in 2015 with a focus on using traditional and alternative data to understand Americans with credit scores between 600-700, whose credit needs have been traditionally underserved and overlooked by large banking institutions. The platform has now originated more than $2 billion over the past four years while expanding to e-commerce and point of sale loan originations and serving all credit profiles. In 2019, LendingPoint received more than 7 million applications.
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