Fintech Startup SuperMoney Surpasses $2Bn Loan Requests

A year after SuperMoney announced its $1 billion loan requests mark, the startup fintech firm now claims that its multi-lending marketplace platform has hit a benchmark of 2 billion loan requests.

The company’s growth rate accelerated after launching personal loans, which expanded to auto loans, auto financing, student loan financing, and refinancing. According to SuperMoney, rate growth doubled compared to last year’s data of only $1billion.

Crowdfund Insider reports that the company is offering unique loan offers to customers who are in need of funding—be it shopping, refinancing and more.

The process works by submitting a loan inquiry to SuperMoney and receiving competitive pre-approved loan offers from different lenders. These lenders are the partner companies of SuperMoney, including the Best Egg.

Earlier this year, SuperMoney has partnered with a consumer lending platform Best Egg to integrate personal loan pre-qualification platform to the existing online loan solution of the Best Egg.

“Our core values align and this partnership will benefit consumers with apples-to-apples comparisons and commitment to transparency,” said Jeffrey Meiler, CEO of Best Egg.

The partnership has something to do with the increased demand for loans. Borrowers can get personalized loan offers from SuperMoney’s, which comes from Best Egg and the rest of the partner-lenders.

 According to Finovate, Best Egg’s loan funding has reached $6.7 billion and another $1 billion for loans via its platform.

The demand for loans in America is increasing each year because students need to pay off student loans, some people need to refinance a car and get a mortgage. The student loan, for instance, is a multi-trillion market with over $1.5 trillion loans need to be addressed.

SuperMoney was founded in 2013 and provides information about interest rates, feeds, average loan terms and other information to users on request.