Lenders Cooperative Launches as Client-Owned Platform for Community Banks

In January 2023, Summit Technology Group officially launched Lenders Cooperative as a standalone, client-owned cooperative platform for community banks, credit unions, and fintechs. The cooperative represented over 140 forward-thinking banking institutions at launch. Lenders Cooperative offers a suite of services including loan origination software, credit underwriting, SBA lending support, bank operations, and white-label call center services.

The platform's distinguishing feature is its equity ownership model, which allows financial services clients to be both customers and co-owners of the cooperative. This structure aligns the platform's incentives with those of its member institutions. The launch signals a collaborative approach among community banks to compete with larger institutions and fintech challengers by pooling resources and technology capabilities.