Fintech Startup Pursues Captive Partners for Loan Engine
Fintech startup SuperMoney is scouting captive partners, after launching its auto loan vertical this week with 20 direct lenders and credit unions on the platform, founder Miron Lulic told Auto Finance News.
Currently, SuperMoney offers secured, unsecured, refinance, and private-party auto loans, but eventually it could expand to offer a suite of products including leases.
“We want to build a broad marketplace and give consumers all of their options,” Lulic said. “With the captives, it’s an interesting value proposition because it’s probably more valuable to them in that it can spur lead generation for car sales. They have more incentive to compete on rate, versus some of the direct lenders who don’t have that additional revenue event.”
Lulic declined to disclose names of the captives he’s pursuing, but said the company is currently working to onboard three additional lenders.
Separately, SuperMoney hopes to launch a site redesign by yearend that will refocus the platform as a tool to aggregate solutions for various financial problems. For example, a consumer might turn to a debt consolidation loan to repay her debt, though she might be better served by a balance transfer to a 0% APR credit card.
“That’s already what we started to do with auto loans,” he said. “If they are looking for a private-party purchase for an auto loan, [there are direct secured lenders, but] we’ve integrated personal lenders for unsecured loans as well. We’re trying to tie it into an all-in-one solution.”
SunTrust Bank’s LightStream platform, SpringboardAuto.com, AutoPay, Prosper Marketplace Inc., LendingClub, and LendingPoint are all featured auto lenders on SuperMoney’s platform.
