LoanPro, a US-based lending and credit platform, has partnered with KOHO, a Canada-based fintech company, to support new financial products for KOHO’s members. Under the agreement, LoanPro’s API-first platform will form a core part of the infrastructure behind these offerings. The arrangement is intended to give KOHO flexibility to design, launch, and scale new products in line with its own requirements.
Division of roles between KOHO and LoanPro
KOHO will continue to own the member experience in its mobile app as well as the design of its products. LoanPro will handle the underlying billing, servicing, and reporting, allowing KOHO’s team to focus on the features members see and use. Rusen Baragiola, Chief Product Officer at KOHO, said the company chose LoanPro for the flexibility to bring new products to market quickly and responsibly as it develops products aimed at helping Canadians make financial progress.
LoanPro automates the loan lifecycle from origination to payoff. Its platform allows financial institutions, auto lenders, and credit providers to automate workflows, process payments, underwrite applications, and manage collections. The company builds its platform for lenders, financial institutions, and fintechs that launch and service new financial products.
Configurable platform for Canadian requirements
The Canadian market has its own regulatory requirements, including provincial rules such as those in Québec. According to LoanPro, its configurable platform allows KOHO to tailor products to the Canadian market and to the rules that apply to its members. Rhett Roberts, CEO and Co-Founder of LoanPro, said the company’s role is to give KOHO a configurable platform so its team can move quickly on new products, including meeting the requirements specific to Canada.
KOHO has served more than 2.5 million Canadians through spending and savings accounts, credit-building tools, and overdraft protection. The partnership gives KOHO lending and credit infrastructure to build on as it extends its product range, while LoanPro gains a partner in the Canadian market.
