Headquartered in Austin, TX, TurnKey Lender is a global provider of lending automation, decision management, and risk assessment solutions and services. Below is our interview with Lisbeth Garassino, Head of Marketing at TurnKey :
Q: Could you provide our readers with a brief introduction to your company?
A:The company designs and develops intelligent award-winning software products that automate the entire lending process just as well as its specific parts. The key differentiators for the company’s products include the end-to-end nature of the SaaS solution it offers, the AI-driven decision engine that allows companies to combine traditional and alternative scoring data and come up with instant credit decisions where it may take conventional lenders weeks, in-depth configuration freedom realized within the software, as well as cutting-edge design of the software which allows lenders to outperform competition with optimized adjustable business flows and outstanding customer experience.
The solution’s capabilities cover traditional and alternative lending, SME financing, grant management, money lending, leasing, trade finance, in-house financing, and much more. TurnKey Lender serves customers in 50+ countries, and the list is growing. As a pioneer in the development of AI-powered software for lenders, TurnKey Lender is quickly gaining traction within regions like the United States, APAC, and the EU.
Q: Any highlights on your recent announcement?
A: The most recent TurnKey Lender update is the version 7.6, a.k.a, the SME lending edition. This release is another game-changer from the team since with the new and updated functionality, lenders can extend not just consumer loans, but also serve any type of SME borrowers out-of-the-box. The release also allows businesses to fully customize the color scheme of the lending platform, add new collateral asset types, process applications received through an API (e.g. from the front-end of the store) efficiently, and provides an extended flexibility in adjusting the loan application flow from the back end without the need to change a single line of code. The v.7.6 makes it possible to start lending to businesses within days and includes the functionality to automate every step of the lending process for CDFIs, merchant cash advance operations, as well as any other type of commercial lending business.
Q: Can you give us more insights into your offering?
A: TurnKey Lender offers enterprise-grade software and services that allow for anyone to launch their digital lending business with a record-breaking time-to-market and advanced functionality tailored to their needs unlocking a way to compete on a level playing field with large-scale financial institutions. The software includes all the functionality required to auomate every part of the loan’s lifecycle including loan application, origination, underwriting, servicing, collateral management, collection, and reporting.
The system comes pre-configured for integrations with popular credit bureaus, payment providers, SMS and email services, e-signature and bank verification providers, and more. The software is white labeled, and the built-in API Client allows for configuration of any needed third-party integrations.
Credit scoring in TurnKey Lender is powered by a proprietary AI-powered Decision Engine. It uses self-learning algorithms and deep neural networks to process both alternative and conventional risk assessment data and make a fully automatic loan decision or to provide underwriting specialist with the in-depth analysis results at a glance.
Separate editions of the TurnKey Lender ULM are tailored to the needs of 14+ countries and different lenders including traditional creditors (banks and credit unions), embedded lenders (equipment manufacturers, retailers, medical professionals, auto dealers, etc.), and alternative lenders (CDFIs, micro lenders, digital, P2P lenders).
Q: What can we expect from your company in next 6 months? What are your plans?
A: The goal for the TurnKey Lender ULM in the next year is to continue to gain traction as the go-to automation tool for traditional, alternative, and embedded lending businesses in North America, Asia, and Europe. The most recent funding round led by DEG will be used for further expansion of TurnKey Lender’s R&D and business development facilities, strengthening its market positions, promoting economic development in emerging markets, and scaling the digitalization of credit worldwide with intelligent lending technology.
Q: What is the best thing about your company that people might not know about?
A: Over 25% of TurnKey Lender clients use the company’s software for non-profit work and other socially responsible programs who drive their communities forward through mission-driven lending.
TurnKey Lender is a largely female-led business – 75% of TurnKey Lender board members are female.
Thanks to the automation of paper-based processes for all of TurnKey Lender clients, 100+ trees a month are saved.