Acorn Finance stands as the pioneer in embedded lending marketplaces for home improvement financing. Their Payment Options Platform revolutionizes lending by seamlessly connecting borrowers, lenders, contractors, and software providers. Acorn Finance’s commitment lies in empowering stakeholders to accomplish their objectives efficiently.
CASE STUDIES Revolutionizing Home Improvement Financing: A Lender Marketplace Integration Success Story
Client Organization
Project Brief
Acorn Finance faced challenges amidst the pandemic-induced market dynamics, witnessing fluctuations in loan origination and a decline in loan funding rates. The imperative was to sustain growth by diversifying their lender base and expanding their product offerings within the marketplace.
BUSINESS NEEDS & CHALLENGES
Key business needs and challenges of integrating lender marketplace to grow the client’s business:
Pandemic-induced market volatility disrupted loan origination and decreased loan funding rates
Increased demand for home improvement financing amid economic uncertainty and recession concerns
Observations of fluctuating loan origination highlighted the necessity to ensure stability and reliability in lending processes for the client
Need to continuously add new lenders to the marketplace and diversify product offerings to meet evolving consumer needs
Recognize the importance of fostering a robust and resilient marketplace amidst evolving consumer preferences and industry disruptions
Struggles with maintaining a competitive edge in the lending landscape due to limited lender variety and product offerings
Desire to establish a comprehensive and versatile lending platform to address the varying financial needs of borrowers in the home improvement sector
Concerns regarding the impact of market fluctuations on the long-term viability and growth of the lending marketplace
Solutions
The expert team at Sigma ensured seamless lender marketplace integration to address the business needs and challenges of the client:
The Sigma team collaborated with the client to integrate three new lenders, expanding the lender base
Performed specialized integrations focused on comprehending and implementing innovative product offerings like home equity investment and 0% interest loans
Diversified the marketplace’s product mix to enhance its appeal and responsiveness to changing consumer preferences
Prioritized adaptability by introducing unconventional lending products, catering to the shifting demands of borrowers
Strategically identified and onboarded lenders to broaden the marketplace offerings and ensure their competitiveness within the lending landscape
Utilized market research insights to design and implement tailored lending solutions aligned with borrower expectations and market trends
Our team of experts conducted thorough risk assessments and feasibility studies before integrating new lenders and introducing innovative lending products
Emphasized the importance of establishing long-term lender relationships for sustained growth and stability within the lending marketplace
Leveraged technological advancements to streamline integration processes and optimize the marketplace’s functionality for seamless borrower-lender interactions
Maintained a proactive approach to stay ahead of market fluctuations, adapting strategies to navigate economic uncertainties and maintain marketplace resilience
Benefits
Facilitated funding exceeding $7 million in loans, contributing to the growth and expansion of home improvement initiatives
Curated and presented over 3,000 selected offers to consumers, enhancing their access to diverse and competitive lending options
Expanded the marketplace by onboarding 22 new lenders, enriching the platform’s ecosystem, and offering a wider array of lending choices
Maintained a consistent client relationship over 5 years, highlighting mutual trust, success, and continued commitment to achieving shared goals
Tools & Technologies
Visual Studio Code for development | Postman as rest client it can be any rest client based on your preference | ||
node and vue installation for frontend development | Rails as a web-app framework | ||
VPN client for connecting to company VPN | Google Meet for client meetings | ||
Slack for communication | |||