SANTA MONICA, Calif.–(BUSINESS WIRE)–April 7, 2016–
Lenny, a mobile lending app targeting millennials, announced today that it underwrote over 1000 credit lines in just three weeks following their grand opening to the general public. The company was recently introduced at the SXSW 2016 FinTech showcase presented by Village Capital in partnership with Paypal.
The mobile application’s free peer-to-peer payment solution is available nationwide. The app’s lending feature is currently only available in California, but will expand to Texas, Florida, and New York in the coming weeks, and roll out nationwide by year-end.
“Lenny’s debut surpassed our most optimistic projections by far,” says Joe Bayen, CEO at Lenny. “We sensed the market was ready to embrace a mobile-centric solution that combines easy access to credit as well as credit score education. Our entire team is ecstatic to be validated by the market so early and so convincingly.”
Lenny currently offers credit lines ranging from $100 up to $10,000 with average APRs of 7.8%. The company shared additional data, announcing that over 500 friend invites have been initiated to date. Lenny is underwriting over fifty new credit lines every day with 3000 overall installs generated since its recent debut.
The app has also seen its peer-to peer-payment activity dramatically increase since its launch which also coincides with increasingly large average balances in their Lenny accounts.
“We are already seeing the impact of the network effect,” says Mimi Nguyen, CFO at Lenny. “This increasingly large liquidity in our financial ecosystem bodes well for the future.”
The introduction of the Lenny Daily Sweepstakes is accelerating peer-to-peer payment transactions. Lenny randomly picks up the tab for 3 users daily, for transactions under $30. The winners are announced every Thursday in the company’s weekly newsletter, which offers credit score improvement tips and guidance.
“It’s a win-win situation,” says Melissa Monte, Lenny’s Director of Media. “Our users get a real opportunity for an instant cash reward while simultaneously learning financial skills that are beneficial for life.”
The company also recently added Paul Spiller, COO and President at Acorns, as its newest advisory board member.
Lenny is available for Apple devices in the App Store, and will be available on Android this summer.
Lenny offers credit lines to millennials via the dedicated Lenny mobile application. The company also provides a plethora of tips and tools to help millennials establish a credit history and/or improve their credit scores. Lenny is a licensed lender in the State of California. Learn more at getlenny.com.