Lumos Technologies and SPARK have announced a strategic partnership to enhance small business lending through AI-driven credit analytics and automation. By combining Lumos’ predictive credit scoring models with SPARK’s digital lending platform, the collaboration enhances the efficiency and accuracy of loan origination for financial institutions. This partnership enables lenders to approve more loans while effectively managing risk, ultimately expanding access to capital for small businesses. Both companies are already seeing active customer engagement from their combined solutions, which streamline the credit decisioning process and foster a more inclusive economy for small business owners.
Financial Technology Insights: TwentyOneVC Launches Crypto Arbitrage Service to Improve Market Efficiency
Lumos Technologies, Inc. (“Lumos”), a pioneering company in small business data analytics, and SPARK, a platform dedicated to the origination of small business loan products, are pleased to announce their partnership to enhance the lending landscape for small businesses.
Lumos and SPARK are united by a shared objective to simplify and enhance the lending process, thereby expanding access to capital for small businesses. This collaboration enables financial institutions to automate and expedite the quantification of credit risk, thereby improving the efficiency of small business loan origination.
Financial Technology Insights: Merck Employees FCU Partners with Carefull to Combat Elder Fraud
“Our predictive credit scoring models enable small business lenders to approve more loans while effectively managing their risk profiles,” said Brett Caines, co-founder and CEO of Lumos. “Through rigorous back testing and validation, we have ensured the accuracy and stability of our models. We are excited to integrate the power of our predictive models with the SPARK lending platform.”
The partnership brings together multiple components of the lending process creating a more comprehensive and more efficient experience for financial institutions. Multiple SPARK and Lumos customers are active and benefiting from this partnership.
Financial Technology Insights: Corpay Cross-Border Launches Multi-Currency Accounts
“SPARK is the best platform for digitizing and activating your small business lending strategy,” said Nick Elders, Founder and CEO of SPARK. “Whether you’re a bank, CDFI, Credit Union or non-bank small business lender, SPARK enables you to offer a digital workflow for your small business products. Partnering with Lumos helps each of our customers evaluate, score, and decision small business loans faster and with more predictive accuracy than ever before.”
Source: Businesswire
To share your insights with the FinTech Newsroom, please write to us at news@intentamplify.com