SuperMoney Unveils Loan Offer Engine at Finovate Spring 2017

We were super excited to demo our brand new loan offer engine at the prestigious Finvoate fintech showcase conference in San Jose.

Within the personal loan industry alone, there are literally hundreds of lenders to choose from and all of them are different. You can go from lender, to lender, to lender, filling out applications to try and find your best option but that’s a ton of effort. Lending aggregators popped up to solve this problem by ‘matching’ borrowers with lenders.

But the dirty little secret behind most loan aggregation websites is that they run on a ping tree model. Ping trees chuck borrowers down a lead delivery waterfall attempting to sell the lead to the highest bidder. If the highest bidding buyer rejects the lead, the system attempts to sell to the next buyer with the borrower ultimately being sold to whoever will pay the most for that lead. This ping tree model works quite well for the aggregating site, as it’s rigged to produce the highest payouts. But as you could probably surmise, the “matches” produced by Ping Trees seldom connect consumers with the loans that are most financially beneficial to the borrowers themselves.

When consumers shop for an airline ticket they expect real offers in real-time. Well, we’ve brought that great Kayak-like comparison shopping experience to financial services. Our Loan Offer Engine transparently allows consumers to submit a single soft-pull loan application to all the leading online lenders and returns real loan offers back. SuperMoney users can transparently discover the best option based on their needs and that serve their best interest.

SuperMoney is a two-sided marketplace platform with consumers looking for financial services on one end and financial service providers on the other. On the financial services side, we have a wide array of financial verticals represented in our publicly accessible reviews website. Within the personal loan offer engine, we are currently partnered with leading marketplace lenders, direct lenders, and banks. We aim to extend the platform to integrate credit unions and other players in the ecosystem not currently represented.

We are soon launching the same great loan offer engine experience in the auto lending vertical and aiming to follow that up soon after with a mortgage version. Our goal is to extend the framework we developed into all lending related verticals initially, and then to other financial services where consumers can benefit from apples to apples comparisons and transparency.

Our goal is simple. To build the brand consumers think of first whenever they need a financial service. We aim to get there within two years.

%d bloggers like this: