NewSchool offers a cloud‑based platform that connects brick‑and‑mortar and e‑commerce retailers with a network of lenders via a single API, enabling instant point‑of‑sale financing decisions.
Funding
Funding not disclosed
Founders
Product
Problem
Retailers often struggle to offer instant point‑of‑sale financing because integrating multiple lenders is complex, approvals are slow, and the retailer bears credit risk and collection responsibilities. This limits conversion rates, especially for higher‑ticket items, and prevents lenders from efficiently reaching offline customers.
Solution
NewSchool provides a cloud‑based platform that connects retailers with a network of lenders through a single API integration. When a customer applies for credit at checkout, the platform evaluates the application in real time across the connected lenders and returns an instant approval or rejection. Approved purchases are settled with the retailer as a cash transaction, eliminating any credit exposure or collection duties for the merchant. The service also supplies lenders with qualified leads from both in‑store and online sales, handling all credit management, settlement, and weekly reconciliation on their behalf. By streamlining the workflow, NewSchool enables higher approval rates and faster purchase conversion without additional hardware or fixed fees.
Target Audience
Primary customers are brick‑and‑mortar and e‑commerce retailers seeking to boost conversion with point‑of‑sale financing, and financial institutions that want to originate credit in retail environments.
Features
- Real‑time application evaluation across multiple lenders via a unified API
- Instant approval decisions that convert the sale into a cash payment for the retailer
- Full credit management, settlement processing, and weekly reconciliation handled by NewSchool
- No credit risk or collections responsibilities for merchants
- Qualified offline and online lead generation for lenders with built‑in fraud mitigation
- Flexible KYC data handling to meet each lender’s compliance requirements
- No installation costs or fixed fees; pricing is usage‑based