LendingPoint Partners With FairPlay to Further Enhance Its Algorithmic Decisions

LendingPoint will incorporate FairPlay's Fairness-as-a-Service Solutions to further its mission of providing one-stop financing solutions for consumers and lending institutions.

LOS ANGELES, Aug. 12, 2024 /PRNewswire/ -- FairPlay, the world's first Fairness-as-a-Service™ company, is announcing a customer relationship with LendingPoint, an award-winning online loan and servicing originator. LendingPoint will use FairPlay solutions to enhance its algorithmic qualification and automated funding decisions.

Founded in 2020, FairPlay provides best-in-class algorithmic debiasing, providing its clients with real-time fairness monitoring and optimization solutions designed to drive growth, reduce risk, keep pace with ever-evolving regulatory requirements and improve positive outcomes for consumers.

"LendingPoint takes a modern approach to credit by considering a broader range of factors to assess creditworthiness, focusing on an applicant's complete financial picture," said Shawn Stone, LendingPoint's Chief Executive Officer. "We are excited to utilize FairPlay's Fairness-as-as-Service solutions to help ensure our models continue to provide financing options fairly."

"For years, LendingPoint has distinguished itself as an innovator in using machine learning and alternative data sources to better assess creditworthiness," said Kareem Saleh, founder and CEO of FairPlay. "We at FairPlay are thrilled to help them further their mission of providing financial solutions that are accessible, straightforward, and supportive of individual needs."

For more information about FairPlay, visit FairPlay.ai. For more information about LendingPoint, visit LendingPoint.com.

About FairPlay AI
FairPlay AI is the world's first "Fairness-as-a-Service" solution empowering companies to de-bias their AI models, without increasing risk. Built by some of world's foreknown leaders in AI, FairPlay's technology serves financial institutions, lenders, insurance carriers, marketers, and others, identifying blind spots in their algorithms and providing automated "second-looks" to improve decisioning systems. FairPlay's tools help lenders identify more good loans and increase the fairness of their portfolios, resulting in higher profits and fairer portfolios all without higher risk.

About LendingPoint
LendingPoint is an award-winning online loan and servicing originator platform that provides financing solutions for consumers, and lending institutions. The company's fraud prevention, risk, and asset management algorithms are used to create financial opportunity across the credit spectrum.

In 2023, LendingPoint was recognized as the Best Consumer Lending platform by Finovate and was named to the Inc. 5000 list of fastest-growing private companies for four consecutive years. LendingPoint has been honored on Deloitte's Technology Fast 500 annual list for five consecutive years and recognized as one of the top 40 fastest-growing companies in Atlanta by the ACG. LendingPoint has also been named one of the Best Places to Work by the Atlanta Business Chronicle. LendingPoint is a privately held company headquartered in metro Atlanta with an office in Dallas. LendingPoint, LLC owns and operates the LendingPoint platform.

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SOURCE Fairplay