LendingPoint, an AI-driven CreditTech platform, announced it achieved its seventh consecutive quarter of profitability in Q1 2022.
Q1 2022 Financial and Operational Highlights:
- Platform originations in Q1 2022 increased 141.3% over Q1 2021, and were up 25.8% over last quarter’s figures.
- Revenue growth in Q1 2022 increased 26.1% over Q4 2021, and 116.5% over Q1 2021.
- Net charge-off rates continue to track within our current target range and below pre-pandemic level and ended 1Q 2022 at 6.2% vs 1Q 2019 at 10.9%.
- Closed another $589 million in ABS deals.
- Welcomed industry veteran Ryan Scully to the executive team as Chief Marketing Officer.
- Expanded its bank partnership program by adding additional credit unions and banking institutions including Midland States Bancorp to its CreditTech origination platform.
“I am proud to say that LendingPoint is positioned to continue its profitable momentum for the remainder of 2022 and beyond,” said LendingPoint CEO Tom Burnside. “Due to our strong performance in the ABS markets, our banking and institution partners, and fixed-rate facility partnerships, we are able to keep the focus of our ‘segment of 1’ underwriting and pricing on the consumer rather than being influenced by the current economic realities of federal rate hikes, inflation and market conditions. And our focus on value-based relationships and robust platform ecosystem led to an 84% increase in multi-products customers from January 2021 to January 2022, a key performance metric for our business.”