ASAPP Financial Technology and LoanConnect Form Digital Lending Partnership

ASAPP Financial Technology, a provider of omnichannel lending software for regulated Canadian financial institutions, and LoanConnect, a Canadian loan search engine, announced a strategic digital lending partnership on September 27, 2019. The deal integrates LoanConnect's consumer loan search platform with ASAPP's OXP omnichannel account and lending origination software, giving Canadian credit unions access to digital lending leads, secure application processing, automated adjudication, risk-based pricing, and DNA core banking integration. LoanConnect, based in London, Ontario, partners with consumer finance comparison sites including Lowest Rates, Credit Karma, and Ratesupermarket to connect borrowers across the credit spectrum with lenders.

The partnership is structured on a per-acquisition cost basis, lowering the barrier for credit unions to compete against direct-to-consumer fintechs. The integration was launched ahead of the Celero DigitalX Fintech Conference held September 30 to October 2, 2019, where ASAPP served as an Emerald sponsor and demonstrated the new capability. ASAPP President and CEO JR Pierman stated the partnership aligns with the company's mission to support institutions competing against fintechs, while LoanConnect CEO Adam Rice emphasized the goal of simplifying credit access for consumers.