LendingPoint will incorporate FairPlay’s Fairness-as-a-Service Solutions to further its mission of providing one-stop financing solutions for consumers and lending institutions.
FairPlay, the world’s first Fairness-as-a-Service™ company, is announcing a customer relationship with LendingPoint, an award-winning online loan and servicing originator. LendingPoint will use FairPlay solutions to enhance its algorithmic qualification and automated funding decisions.
Founded in 2020, FairPlay provides best-in-class algorithmic debiasing, providing its clients with real-time fairness monitoring and optimization solutions designed to drive growth, reduce risk, keep pace with ever-evolving regulatory requirements and improve positive outcomes for consumers.
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“LendingPoint takes a modern approach to credit by considering a broader range of factors to assess creditworthiness, focusing on an applicant’s complete financial picture,” said Shawn Stone, LendingPoint’s Chief Executive Officer. “We are excited to utilize FairPlay’s Fairness-as-as-Service solutions to help ensure our models continue to provide financing options fairly.”
“For years, LendingPoint has distinguished itself as an innovator in using machine learning and alternative data sources to better assess creditworthiness,” said Kareem Saleh, founder and CEO of FairPlay. “We at FairPlay are thrilled to help them further their mission of providing financial solutions that are accessible, straightforward, and supportive of individual needs.”
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