With Salesforce, we can deliver on our promises, and continue to build our customer base and business.”

Troy Wright, CEO AT lendified

Lendified provides faster and easier access to small business loans with Salesforce

Lendified is empowering small businesses around the world by providing them with faster access to capital. Instead of waiting several weeks for a loan to be processed, customers now just have to wait five minutes.

The company was established in 2014 to provide a faster and cheaper way for banks to deliver lending services to small business customers. It can cost as much as CAN$2,000 for a major financial institution to process a loan; with Lendified’s pioneering platform, it’s less than $100. “Our cloud-based solution means that banks all over the world can provide their customers with faster access to funds,” explained Troy Wright, CEO at Lendified.

Lendified also uses the platform to underpin its secondary business stream: acting as a loan services provider to small enterprises in Canada. Since launching its fully digital online lending site in September 2015, Lendified has received more than $40 million in loan applications from 2,000-plus businesses.


Traditional financial institutions are awash with inefficiency and friction because of the way they make decisions and adopt technology. We wanted to be different.”

Troy Wright, CEO AT lendified

A new chapter in lending

From day one, Lendified’s management team was determined to rewrite the rules. “Traditional financial institutions are awash with inefficiency and friction because of the way they make decisions and adopt technology,” revealed Wright. “We wanted to be different.”

So from day one, Lendified put Salesforce at the heart of its business. “We could never have launched the business so quickly without Salesforce,” said Wright. “It makes us more agile and more competitive.”

The company selected Salesforce after an extensive buy versus build analysis for its IT infrastructure. “The cloud levels the playing field for new companies; instead of wasting time reinventing the wheel, you can buy an already proven platform that has the capacity to grow with your business,” explained Wright.

Community Cloud powers the eight-step process that enables Lendified and its banking customers to make lending decisions. When a customer registers online for a loan, Community Cloud captures the information, validates the customer, and connects to the loan adjudication engine. The loan decision and repayment terms are provided back to the customer in real time.

In the future when the customer accepts the loan offer, Community Cloud will also initiate the onboarding process, with integrated AppExchange solutions facilitating document generation and signing.

“With Salesforce, we can embed a high degree of automation into every step of the lending cycle, which ensures a rapid response for customers,” explained Wright. Thanks to the velocity and visibility that surrounds its own lending services, Lendified consistently scores nine out of ten on Trustpilot, a consumer feedback community.

Securing more sales

For its direct lending services side of the business to be a success, the management team needs to be able to maximize every new sales opportunity. As Wright explained: “Bringing down the customer acquisition cost is vital for any business. We noticed that around 80% of applications started by potential customers were never completed.”

To find out why and help improve conversion rates, the company deployed Pardot, a marketing automation solution, in January 2016. “With Pardot, we can monitor the opportunity pipeline, see what kind of offers motivate customers, and test sales and marketing strategies,” added Wright.

Thanks to the solution’s powerful reporting tools, Wright and his team can slice and dice data from the sales funnel based on key metrics, such as the source of the lead and customer demographics. This helps the marketing team develop more targeted customer communications.

For example, Lendified sent personalized emails to customers that had abandoned halfway through the loan application process, and achieved a 25% click-through rate compared to an industry average of around 3% ¹. This will help it turn more leads into customers.

To grow its sales and its business, Lendified also needs to improve how it engages with other financial services providers and fintech companies. “Partnerships are important to our business model. As many of our partners already use Salesforce, it makes it easier for us to share information and cross-sell,” explained Wright.

To strengthen its partnership approach, Wright is now looking to offer Lendified’s cloud-based lending system via the AppExchange. “The AppExchange ecosystem has been invaluable for us,” said Wright. “With Salesforce, we can deliver on our promises, and continue to build our customer base and business.”

¹ Mean click-through rate for software and online services industry according to http://www.silverpop.com/Documents/Whitepapers/2015/Email-Marketing-Metrics-Benchmark-Study-2015-Silverpop.pdf


Keep exploring stories like this one.

Questions? We’ll put you on the right path.

Ask about Salesforce products, pricing, implementation, or anything else. Our highly trained reps are standing by, ready to help.