ATLANTA--(BUSINESS WIRE)--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 today that it has achieved its ninth consecutive quarter of profitability in Q3 2022.
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.
“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.”
LendingPoint is an AI-driven CreditTech platform that provides financing origination solutions to consumers, for ecommerce and point of sale partners, and lending institutions. The company’s fraud prevention, risk and asset management algorithms are used to create financing opportunities across the credit spectrum. Its LendingPoint Merchant Solutions platform provides ecommerce platforms, merchants, and other service providers fully integrated, one-stop financing solutions to convert more customers.
For the past four years, LendingPoint has been named to the Inc. 5000 list of fastest-growing private companies, ranking 17th in 2019. LendingPoint ranked on Deloitte’s Technology Fast 500 list in 2019, 2020, 2021 and 2022 and was honored as one of the top 40 fastest growing companies in Atlanta by the ACG in 2019, 2020, 2021 and 2022. LendingPoint also was named one of the 2021 Best Places to Work by the Atlanta Business Chronicle. LendingPoint is a privately held company headquartered in metro Atlanta, with offices in San Mateo, CA, New York, Chicago, Miami and Dallas. LendingPoint, LLC owns and operates the LendingPoint platform.