Bricknode, a software-as-a-service (SaaS) financial services platform, recently revealed that Lenpals, a Fintech firm offering short-term personal loans, has chosen its loan management solution, Bricknode Lending.
Lenpals is being introduced to help with redefining or trasnforming the short-term lending sector and provide affordable and responsible credit to clients.
Based in Sweden, Lenpals is working on its proposition from the ground up and intends to introduce its services early next year.
By choosing Bricknode, Lenpals has access to a comprehensive loan origination and management system from which it is able to administer its lending product. Bricknode Lending takes care of the full loan lifecycle and may be configured in order to support different lending propositions.
Lenpals is working on its customer application with tech company Visionmate, which will integrate with Bricknode Lending through an API.
Richard Håkansson, System & Software Manager at Lenpals, remarked:
“As we create our new lending product with Visionmate CTO Daniel Bjuhr, it’s imperative that we have the right loan management software in place so we can automate administrative processes and scale our operation without restriction. That’s why we chose Bricknode. Their industry expertise and offer of no setup fees were also huge advantages to a start-up business like ours.”
Erik Hagelin, Co-CEO at Bricknode, added:
“Lenpals is a great example of how innovative new companies are creating the next generation of financial services. In choosing our loan management software, Lenpals can focus on creating value through its customer application and go to market far quicker than if they built a solution themselves.”
Bricknode clients may also use its API to enhance the capability of its software with third-party apps and Bricknode’s own add-ons, which reportedly includes functionality like credit scoring and tax management.
As noted by its management, Bricknode is “a B2B focused SaaS-company that provides a highly scalable cloud banking software.”
The platform “offers composable infrastructure to financial institutions and supports the digitalization of processes within those organizations to enable a seamless end user experience.”
A primary product advantage is “the flexibility and quick time to market where deployment can occur instantly.”