fintechFIVE: Lending Express
CEO and co-founder
In two sentences or less, describe your product or service.
Lending Express is the only AI-powered marketplace for business loans. Its proprietary technology matches businesses with the most relevant lenders and provides a simple funding solution at no cost.
What has been the company's biggest milestone to date?
The launch of our MatchScore™ algorithm, which collects and analyses data such as business size, vertical and requested loan amount and then calculates each lender’s MatchScore™ for a particular borrower by ranking the attributes against each lender’s performance qualification criteria.
Since the launch, Lending Express’ Australian customers have benefited from a massive uptick in approval rates (15%) compared to industry standard (3%).
What’s your most useful advice for having a productive day?
Keep meetings, emails and discussions super short and always strive for very clear action items.
Where do you see the company in 12 months?
We are constantly working on enhancing our AI technology to match more businesses with lenders; perfecting the loan process has and always will be our goal. In one year, we hope to be reaching a yearly run rate of $500M as a result of our unique matching technology, and extend our reach to countless more businesses in Australia, the US, and beyond.
Which book has had the most influence on your professional mindset?
The Black Swan: The Impact of the Highly Improbable by Nassim Taleb.
The fintechFIVE is a series of five questions intended to shed light on innovative companies from Australia and around the world. Every Thursday we ask the same five questions to a representative from a different fintech company – check out the most recent fintechFIVEs here.