LENDABLE has partnered with personal finance app Pariti, which will give the online consumer lender access to a wider range of potential customers.
Lendable, which connects institutional, sophisticated and high-net-worth investors with individual borrowers, is the second lender to partner with Pariti. More than 100,000 users who manage their debts via the app can now see quotes for loans from both Lendable and Zopa, which announced its tie-up with Pariti last September.
Pariti said that the “multi-lender application” system will significantly increase loan acceptance rates for its members and that it is planning to launch two more partnerships with lenders by the end of this quarter.
“We’re excited to team up with Pariti and reach their audience of tech-savvy borrowers who want to avoid overpaying on their debt,” said Lendable founder and chief executive Martin Kissinger. “Our partnership with Pariti is great news for UK consumers who want to benefit from the cost advantage that online lenders provide.”
“The integration with Lendable is a major step forward for Pariti as we increase the breadth of products offered via the app, and deliver on our vision of building a ‘distributed bank’ for people to save and pay off their debts,” said Pariti founder and chief executive Matthew Ford.
Lendable, which is based in London, uses automated underwriting technology to offer instant decisions on small consumer loans. Last month, it announced that New York-headquartered Waterfall Asset Management had invested £100m in loans originated by the platform, which would support its next stage of growth.