LendingPoint launched its first consumer loan product in January 2015.[3] In October 2015, LendingPoint announced a $100 million credit facility with funds managed by the Tradable Credit and Direct Lending groups of Ares Management.[4] Two months later, LendingPoint signed an additional credit facility for $5 million of incremental financing with Aeterna Capital Partners.[5]
In August 2016, former American Express executive Houman Motaharian joined LendingPoint as Chief Revenue Officer.[6] By the end of 2016, LendingPoint had funded more than $100 million in consumer loans across 13 states.[7]
LendingPoint signed an exclusive partnership with ezVerify in 2017 on a new service called ezCarePoint, which allows patients to predict their out-of-pocket expenses and apply for flexible payment plans and loans to cover the costs of medical procedures.[8] On August 22, 2017, LendingPoint closed an up to $500 million credit facility arranged by Guggenheim Securities.[9]
On January 11, 2018, the company announced that it had acquired the merchant portal technology and other assets of LoanHero, a fintech platform for point-of-sale finance.[10] That same month, LendingPoint Merchant Solutions combined the merchant onboarding and reporting tools acquired from LoanHero.[11] On May 17, 2018, LendingPoint announced that it had closed another credit facility also arranged by Guggenheim Securities.[12] On June 28, 2018, LendingPoint upsized its mezzanine financing, bringing the total of its mezzanine credit facility to $52.5 million.[13]
In July 2020, LendingPoint introduced a merchant lending platform called SDKn, which provides an online consumer loan pre-approval portal for companies.[14] LendingPoint partnered with eBay in August 2020 to offer installment loans up to 48 months to eBay’s merchants. Dubbed eBay Seller Capital, the program allows sellers on the e-commerce platform to borrow up to $25,000 with no origination fees or early payback fees.[15][16] In October 2020, LendingPoint closed its first revolving and largest ever asset-backed security (ABS) issuance at $328.5 million.[16][17]
In January 2021, the company was funded $125 million via a preferred equity investment from Warburg Pincus.LendingPoint has issued more than $2.3 billion in consumer loans nationwide since 2015.[17]
In May 2022, Lending point announced a partnership with the Illinois-based, community-based financial holding company Midland States Bank. The deal entailed Midland funding consumer loans with its underwriting criteria through the LendingPoints network of point-of-sale retail relationships.[18]