NEW YORK (6/2/15)--LendKey, an online lending platform that connects borrowers with credit unions and banks, recently reached several milestones including deploying $800 million in loans to more than 35,000 borrowers.
LendKey, which is a CUNA Strategic Services strategic alliance provider, also raised an additional $125 million commitment from its network of lenders. In April, LendKey announced it had secured up to $1 billion in financing from MidCap Financial, Chicago.
LendKey also closed an $8 million venture debt line from Silicon Valley Bank, Santa Clara, Calif.
“Our growth demonstrates that traditional lenders have a solid opportunity in online lending,” said LendKey CEO/Founder Vince Passione. “With our technology, community financial institutions can succeed in the $3.2 trillion consumer lending market, offering increased choice, transparency, lower rates and a seamless digital experience.”