LendKey Selects BillingPlatform to Modernize and Scale Billing

The Pioneering Digital Network for Consumer Lending Replaces Legacy System with Advanced Monetization Solution Designed to Support the Complexities of LendKey’s Business Model

BillingPlatform, the leader in enterprise monetization, announced that LendKey has selected its Billing solution in a multi-year agreement. LendKey chose BillingPlatform to enhance automation, accelerate validation of new billing logic, and position its infrastructure to seamlessly scale and support new products and continued growth.

With more than $8 billion in loans through hundreds of credit unions and community banks, LendKey offers a comprehensive platform for consumer loans, including private student loans, student loan refinancing and home improvement loans. The company’s digital network lending model enables local lenders to access a national market of borrowers while maintaining the focus on their local communities. Through its innovative ALIRO platform, LendKey provides turnkey solutions that allow financial institutions to expand their product portfolios without increasing infrastructure.

As LendKey’s deal volume and network of lending institutions grew, the company saw a chance to update its old billing system to better match its fast growth and focus on innovation. The previous system, which relied on spreadsheets, macros and custom code, had worked well but needed more support as pricing models and loan structures became more complex. By investing in an innovative approach, LendKey is making pricing updates easier, cutting down on manual work, and improving its ability to react quickly in a changing market.

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“Our mission is to help community lenders efficiently deploy capital, mitigate risk, and diversify their portfolios beyond their local markets,” said Jon Enders, VP of Finance & Accounting at LendKey. “As our company grew, we needed a billing solution that could match our pace and handle more complex pricing. After carefully reviewing our options, we chose BillingPlatform because it is easy to use, flexible enough to reduce our reliance on IT, and shows a strong understanding of our business and pricing needs.”

Serving global customers across software, finance, media, transportation and communications, BillingPlatform is a leading cloud-based billing and revenue management solution that helps enterprises monetize any product – from simple subscriptions to complex usage models. Its end-to-end platform supports every stage of the monetization lifecycle, including product setup, billing, invoicing, revenue recognition, payments and collections. With unmatched flexibility, BillingPlatform empowers enterprises to optimize profitability, reduce costs and elevate customer experience.

“With its network approach, LendKey is unlocking the $3.6 trillion consumer lending market to the nation’s more than 13,000 community banks and credit unions while connecting borrowers with trusted lenders to make more transparent, accessible and low-cost borrowing options available,” said Chris Bishop, CEO at BillingPlatform. “Our flexible monetization platform will empower LendKey’s finance and accounting team to make pricing adjustments in real time and validate billing logic before invoicing, accelerating their business and making them more responsive to the market.”