CardFlash News Briefs: PAYSCAPE (Vendevor); TARSIN (Circle Plus); ARROWEYE (TMG); and LENDINGTREE (AmEx).
LendingTree, the nation’s leading online loan marketplace, has announced a series of senior executive appointments to fully align the company’s management team for rapid scale and to leverage new growth opportunities.
LendingTree launched its personalization platform, providing consumers with completely free credit scores and analysis, access to monthly updates, detailed account insights and proactive, market-based offers to illuminate potential savings opportunities across multiple loan categories. Once a free account is created at LendingTree, users are provided with their current credit score using VantageScore 3.0. Introduced in March of 2013, VantageScore 3.0 is the first credit score model to be built on post-recessionary data, and it has the ability to generate a credit score for 30-35 million more consumers than traditional credit scoring methodologies. The VantageScore model is a tri-bureau credit scoring model that is uniquely able to be deployed at all three national credit reporting companies (CRCs), Equifax, Experian and TransUnion, resulting in more consistent credit scores and less confusion among consumers.
Online lending network LendingTree has launched a new feature rich
website and promotional spots featuring 60’s TV icon Adam West. Some of the new features include:
“MoneyRight”, which allows consumers to aggregate all of their
personal finances and accounts in a single convenient interface; “LookB4ULock”: This feature provides customers with a critical
last-minute check to make sure they are getting the best deal possible
before locking into a loan; “Lender Ratings & Reviews”: A comprehensive, user-generated library
of detailed ratings and reviews for every lender on the LendingTree
network; “Ask the Tree”: Provides users with answers to personal finance or
mortgage-related questions; “Mortgage Checkup”: An easy online checkup to allow anyone with a
home to make sure their current mortgage is âhealthyâ and “Financial Calculators”, the “Enhanced Mortgage Rate Table”, “My Credit” and
“My Loans”, that lets the borrower review lender matches and customized loan offers online,
including a side-by-side comparison between offers and the option to
sort offers by interest rate and monthly payment. The âYou to the Rescueâ campaign, narrated by West, features everyday people becoming
superheroes by meeting the challenges of todayâs economy and taking
control of their financial destiny. Since inception, LendingTree has facilitated more than 25
million loan requests and $185 billion in closed loan transactions.
TX-based CreditCards.com and Yahoo! Finance have signed a deal to give access to a credit card search engine. The deal follows a similar one last month with LendingTree and its sister site, GetSmart.com. In 2007, over 12 million visitors used CreditCards.com to search for their next credit card. The search engine, which is updated daily with current credit card offers, provides potential customers a means to compare hundreds of current credit card offers in order to find the best deal for them.
NC-based LendingTree has completed its acquisition of the “GetSmart” brand from Providian and will now offer the “GetSmart” platform to the more than 200 lenders who participate on the LendingTree exchange, as well as maintaining the relationships with 100 lenders who currently participate on the “GetSmart” network. The two brands will complement each other, as they offer distinct value propositions to both lenders and consumers who are interested in leveraging the Internet for online loan options and alternatives. The LendingTree Exchange is made up of more than 200 banks, lenders, and brokers (Lenders) and has facilitated nearly $68 billion in closed loans since inception. More than 10 million consumers have accessed the LendingTree Exchange through the Company’s site at http://www.lendingtree.com and through online and offline partners.
Providian has decided to unload its “[GetSmart.com]” online financial services marketplace to NC-based LendingTree for an undisclosed amount. Providian purchased “GetSmart.com” in March 1999 for $33 million in cash. The company was founded in 1997 by a group of executives from Wells Fargo and ex-McKinsey partners from the Mitchell Madison Group. Former Wells Fargo executive Bill Fisher lead the group and served as CEO. Capital partners included Reuters, Goldman Sachs, Robertson Stephens and technology investor Roger McNamee. Upon closing of this acquisition, expected to occur in December, LendingTree will continue to maintain the relationships with the more than 100 lenders who participate on the GetSmart network, and also offer the GetSmart platform to the more than 200 lenders on the LendingTree exchange. (CF Library 2/19/99)
IAC/InterActiveCorp, formerly USA Interactive, completed its acquisition of LendingTree at the close of market on Friday. So far this year, IAC has acquired Expedia, Ticketmaster, uDate.com, and Hotels.com. Rumors hit the street last week that IAC might be interested in acquiring DoubleClick. The IAC-Lending Tree transaction is valued between $626 million and $734 million, and was a stock-for-stock transaction. During the second quarter, LendingTree reported revenues of $45.0 million and net income of $7.6 million. LendingTree has more than 200 participant lenders and has facilitated nearly $55 billion in closed loans since 1996 including credit cards. The deal represents IAC’s entry into financial services and real estate verticals. IAC has an existing base of nearly 40 million unique monthly Internet users. Doug Lebda, Founder and CEO, and Tom Reddin, President and COO, will continue in their current positions, as will other key members of the senior management team. (CF Library 5/6/03; 7/25/03)
Atlanta-based LendingTree reported this week it received 60,053 credit card requests during the second quarter and closed 5,841 of the transactions. The dollar volume of credit card transactions closed was $29 million. LendingTree’s credit card business produced total revenue of $261,000 for the company during the second quarter. The average revenue per transmit for credit cards was $3.77 compared to $11.73 for auto loans and $18.99 for personal loans. Overall, the Company posted 2Q/03 revenue of $45 million, 84% greater than the revenue for the second quarter of 2002. For complete details on LendingTree’s 2Q/03 results visit CardData ([www.carddata.com]).
USA Interactive and LendingTree announced a merger yesterday in a transaction valued between $626 million and $734 million. It is a stock-for-stock transaction. LendingTree has more than 200 participant lenders and has facilitated nearly $48 billion in closed loans since 1996 including credit cards. The deal represents USA’s entry into financial services and real estate verticals. USA has an existing base of nearly 40 million unique monthly Internet users. Doug Lebda, Founder and CEO, and Tom Reddin, President and COO, will continue in their current positions, as will other key members of the senior management team. LendingTree says its senior management team will have a significant ongoing economic interest in the upside of LendingTree, after USA recovers its acquisition costs with a rate of return, which is designed to incent and retain LendingTree’s strong management team over the long term. USA Interactive’s brands include HSN, Home Shopping Europe, Ticketmaster, Match.com, Citysearch, Expedia, Hotels.com, and others.
LendingTree, Inc. announced it has received a notice of allowance from the U.S. Patent & Trademark Office indicating that the USPTO intends to grant patent protection for claims in the Company’s patent continuation application.
NC-based LendingTree reported this morning that it handled 51,182 credit card applications during the fourth quarter and closed 9.2% of the requests. The online loan referral service says its credit card activity produced revenues of $327,000 for the quarter. LendingTree closed a total of 7,264 credit card related requests during 4Q/02 for six total card issuers. Overall, during the quarter, the Company earned $5.6 million on posted revenue of $34.7 million. Revenue was up 12% over the same year ago period. LendingTree had 197 participating lenders at the end of 2002, representing an increase of 36% over last year. Loans available via the LendingTree Exchange include home mortgage, home equity, automobile, personal, debt consolidation, and credit cards. For complete details on LendingTree’s 4Q/02 results visit CardData ([www.carddata.com]).