LoanWell is a B2B fintech platform that automates the lending process for community lenders through customizable workflows, secure document storage, and integrated identity verification. By replacing outdated manual processes with efficient technology, LoanWell enables mission-driven lenders to deploy affordable capital more effectively, enhancing access for underserved communities.
Funding
$4.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
TTFounders
Product
Problem
Community lenders such as CDFIs, credit unions, and community banks often face challenges with outdated technology and manual processes, hindering their ability to efficiently deploy affordable capital to underserved communities. These inefficiencies can lead to delays, increased operational costs, and limited reach in providing crucial financial resources.
Solution
LoanWell offers a B2B fintech platform designed to automate and streamline the lending and grantmaking processes for community lenders. The platform provides customizable workflows, secure document storage leveraging AWS KMS encryption, and integrated KYC and identity verification through Lexis Nexis Instant ID. By digitizing loan origination and automating manual tasks, LoanWell enables lenders to deploy capital more effectively, reduce administrative burdens, and enhance access to affordable financial products for borrowers. The platform supports the entire loan lifecycle, from custom intake and auto-decisioning to e-signature closing packages and automated servicing tools with ACH transfers.
Target Audience
LoanWell primarily serves mission-driven lenders, including Community Development Financial Institutions (CDFIs), credit unions, and community banks, focused on deploying affordable capital to underserved communities.
Features
- Customizable, white-labeled landing pages for a consistent borrower experience
- Configurable intake forms with integrated payment and savings calculators
- Secure, encrypted document management with role-based access control
- End-to-end workflow automation with task management and notifications
- Automated underwriting with credit pulls and integration of custom Excel models
- E-signature capabilities for closing packages with direct communication channels
- Automated loan servicing with auto-drafted payments and borrower communications
- ACH transfer management for disbursement and repayment
- KYC and identity verification via Lexis Nexis Instant ID
- Automated messaging and notifications for all stakeholders
- SOC2 compliance