CreditSnap, a next generation digital lending solution startup, announces strategic seed investment from multi-lender finance platform Tresl, its earliest adopter.
San Antonio, Texas, USA, January 26, 2021
CreditSnap, an award winning fintech company that provides lending and account opening platform to banks and credit unions as a white labeled product, announced today that the company has closed an undisclosed amount in strategic seed round investment from one of its earliest adopter, Tresl. Tresl is a market-leading, multi-lender Fintech that connects consumers with beneficial financial resources. After realizing +100% improvement in look-to-book ratio as well as improved customer satisfaction with CreditSnap’s technology, Tresl decided to invest in CreditSnap as well as joining hands with CreditSnap to further democratize this technology and serve the needs of the Bank and Credit Union community.
Along with the strategic investment, CreditSnap and Tresl are also announcing an alliance to bring a new joint product proposition to market known as “BankingAmplified”. This new product takes inspiration from Tresl’s industry-leading customer experience and fulfillment capabilities, and CreditSnap’s pre-qualification based digital experience capabilities. It is a unique solution designed to support Banks, Credit Unions and Lending Institutions in achieving their digitization and customer growth goals in a turnkey approach.
BankingAmplified program enables financial institutions to do the following:
Grow member / customer base by deploying borrower-friendly “No Credit Impact” pre-qualification technology, end to end digital fulfillment capabilities, highly curated customer acquisition methods, whitelabel consultative sales solutions, and compliant transaction solutions in all 50 states. In-turn, financial institutions will be fully equipped to compete with fintech lenders
Increase share-of-wallet through intelligent cross-selling of products to existing and new customers
Accelerate product Go-To-Market with turnkey digital experience and lead generation solutions, be it i) to grow high volume specialty transactions like Auto Lease Purchases OR ii) to expand into high yield Student Loan Refis and Personal Loans, OR iii) to offer non-traditional products like installment loans
CreditSnap’s President and CoFounder, Deepak Polamarasetty said “Unlike Fintech lenders, Banks and Credit Unions are uniquely positioned to deliver personalized financial solutions to their customers. However, the technology gap has hurt their market share in both secured (auto and home) loans and high yield unsecured loans. With COVID-19, it became even more urgent to close these tech and digital experience gaps. BankingAmplified is designed to empower these very Banks and Credit Unions to strike a healthy balance between Tech and Human Touch, and simultaneously help them achieve their growth and customer satisfaction goals without making huge capital investments.”
Sreeram Jadapolu, CEO, added “We achieve this bold vision with a) Digital experience powered by next generation technology (CreditSnap), and b) Result-oriented customer experience that integrates 100% digital experience with the consultative, omnichannel support of finance experts (Tresl).”
Tresl President and CEO, Christine Pierson stated, “CreditSnap's pre-qualification engine served as a strong technology platform to fuel Tresl's own growth over the last two years. The CreditSnap system integrated seamlessly with Tresl’s proprietary digital platform, and it has allowed us to deliver more quality funded loans to our lending partners and a great lending experience to our customers. With the new BankingAmplified product offering, we aim to offer a complete turn-key fintech enablement solution to banks and credit unions, enabling them to effectively compete with major fintech lenders in the marketplace today.”
Background: The relationship between Tresl and CreditSnap is one that began in late 2018 when Tresl was looking for an innovative way to deliver highly accurate pre-qualified rates & terms to its customers—one that reflected the diversity and competitiveness of Tresl’s lender network. After extensively evaluating multiple solutions, Tresl found that CreditSnap’s SaaS solution was superior. After some rapid configuration and setup, Tresl deployed CreditSnap’s pre-qualification engine in early 2019, overnight becoming CreditSnap’s largest client. In conjunction with other proprietary technology & operational optimizations Tresl has undertaken, the CreditSnap pre-qualification engine has allowed Tresl to unlock strong results, including over 100% improvement in look-to-book ratio and improved customer satisfaction.
By offering innovative, turnkey technology and customer experience solutions that Banks, Credit Unions, and other lending institutions have long been searching for, Tresl and CreditSnap hope to democratize Fintech!
If you are curious about how BankingAmplified could help your organization reach its goals,
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CreditSnap, a FinTech consumer lending platform, aims to democratize soft inquiry based lending and account opening technology for small and large credit unions and banks. With instant offers, real time collateral valuation, next generation mobile responsive experience, loan offer customization, LOS and Core Integrations, and more, CreditSnap is the first digital enablement platform that allows Banks and Credit Unions to achieve digital enablement and customer experience goals without changing their current tech stack. CreditSnap has processed more than 480,000 loan and account opening applications for its Bank, Credit Union and Finetch customers.
About Tresl Tresl (formerly IFS) is the ultimate personal finance support platform. Since 2007, Tresl has equipped customers to reach their financial potential by intelligently connecting them with beneficial financial resources for auto purchasing, refinancing, and more from its partner network of Credit Unions, Banks, and Lending Institutions. Throughout the company’s end-to-end process, its customers benefit from the support of its cutting-edge financial technology and consultative team of expert finance advisors, enabling them to make the financial decisions that are right for them.