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LendingPoint Acquires LoanHero

LendingPoint Acquires LoanHero
Credit: lendingpoint.com

Consumer lending company LendingPoint today announced that it has acquired LoanHero, a fintech platform for point-of-sale finance. Terms of the deal were not disclosed.

In combination with LendingPoint’s industry-leading credit underwriting and risk management expertise, LoanHero will help accelerate LendingPoint’s expansion into point-of-need and point-of-sale financing. LendingPoint will benefit particularly from LoanHero’s comprehensive and innovative merchant onboarding and reporting tools and installed merchant base.   

Founded in 2014, the San Diego-based LoanHero has previously raised $24.6 million.

“LoanHero’s merchant platform is the perfect complement to our consumer portfolio,” said Tom Burnside, co-founder and CEO of LendingPoint. “The combination of the two companies doubles our origination channels and current customer base and triples the number of consumers we can serve with credit and payment solutions for folks with credit scores from 450 all the way to 850.”

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