Lending Software Development with Expert Platform Engineers

What do Oculus Rift (now owned by Facebook), Fitbit watch and Exploding Kittens have in common? They all owe their success to crowdfunding! Platforms such as Kickstarter or Patreon have become the hub of innovative startup products and independent creators looking for support from their enthusiasts. Depending on their business goals, crowdfunding platforms should be able to scale up in terms of user base growth, the amount of money transfers, and the sums wired.

This type of products responds to the needs of businesses that seek financing, but conventional bank loans are not an option they can (or want to) rely on. Connecting investors and companies through crowdlending platforms has created new opportunities for businesses of all sizes and industries. Thanks to the P2P lending platform development company they have a chance to bring their fund-worthy ideas to life, while potential investors can, in turn, build diversified portfolios and benefit from attractive interest rates.

Unsteady cash flow caused by delayed payments is every entrepreneur’s worst nightmare. Many small and medium businesses have to face it on a regular basis. Invoice financing (or accounts receivable financing) resolves this issue by lending money against the amounts due from customers or debtors. Extra funds can be used to fill the gaps in cash flow or reinvested in growth, while the borrowing fee is typically calculated as a percentage of the invoice amount.

The amount of loan offers available on the market can be overwhelming or confusing, making it difficult to choose the best option. Sooner or later, tech-savvy FinTech founders had to come up with a solution to this problem by introducing comparison platforms. They often combine the power of Big Data technologies and Machine Learning (in features such as recommendation engines) in order to deliver valuable, personalised search results for individual and business users.

Digital lending would be crippled without tools for assessing creditworthiness. New FinTech players specialising in predictive analytics often leverage data sourcing through automated APIs, feeding their scoring models and risk profiles with relevant data inputs, such as financial history, macroeconomic variables, and qualitative information. Some can even be connected to your accounting software to monitor credit scores, automate updates and set up early warning indicators.

Apt software architecture and secure back-end paired with reliable API integrations can boost your loan processing potential. Competing on the market of loan software or more specific loan management software also means investing in speed. Fast digital onboarding can replace time-consuming manual customer verification. Accuracy is just as important. Top LendTechs spare no efforts to build unbiased analytical models, leveraging Big Data and Machine Learning or AI.