Point-of-Sale Lending Stand-up
The 99FinTech leadership team recently helped an overseas lender enter the U.S. and deploy a regulated, sustainable point-of-sale (POS) consumer credit and payment solution. Team accomplishments include:
Launched an innovative point of sale financing solution – based on safe, affordable, unsecured closed end loans with no compounding interest, deferred interest or other predatory gimmicks – across dental, veterinary, automotive servicing, and other verticals that:
- Solved for consumer frustration with entrenched players’ pricing tactics and challenges related to managing overpriced open-ended financing
- Enhanced the reputation and trust of medical providers and other merchants while greatly reducing administrative burdens
Built a scalable business model with key distribution partners to achieve industry-leading net margins and revenue yields
Embraced transparency, fair lending, and consumer protection, establishing a model consistent with regulator expectations for BNPL and other nonbank lenders
Helped to assemble a rock star team of over 45 US based professionals; labeled “the best fintech start up ever seen” by key partners
Americanized the parent’s platform for the US regulatory environment and to align with US strategy
Created and installed a comprehensive compliance management system
Secured major partners for loan origination, credit decisioning, funding, distribution
Secured state licenses to marry with bank partnership and enable near-nationwide operation
Hired, integrated, and oversaw key vendors
Developed the product roadmap, data strategy, compliance roadmap, technology SLAs, and loyalty program to drive future evolution
Launched in less than 11 months; achieved steady MoM growth with ~80% approvals, no charge-offs
