September 7, 2016
Aspire Financial Technologies forms four data partnerships for gateway platform
TORONTO--MaRS FinTech venture Aspire Financial Technologies has formed new data partnerships with US-based marketplace lenders Marlette Funding, Pave, and Prosper Marketplace, along with Canadian alternative lending originator, Progressa.
Marlette and Prosper are well known to followers of the marketplace lending market in the United States; both of these platforms having funded billions of dollars of unsecured consumer loans since inception. Pave is a newer US alternative lender launched in 2014, with a speciality in funding unsecured consumer loans targeting millennials who typically have "thinner" credit files. The fourth Data Partnership announced today is with Progressa, a rapidly-growing Canadian non-prime consumer alternative lender. "With these Data Partnerships, we're pleased to be able to move into the next phase of value-added tools available to participants of the Aspire Gateway platform," said David Fry, Co-Founder and CEO of Aspire.
"We're excited to be an early adopter of the Aspire Gateway platform," said Karan Mehta, Head of Capital Markets for US-based consumer lending giant Marlette Funding. Marlette has already started data sharing with Aspire, and the formalization of a Data Partnership means that this data and associated Aspire-generated analytics, will soon be available to a broad range of Aspire Gateway Participants. "The Aspire Gateway's objective of integrating, high value-added technology solutions across a number of key processes between Originators and Investors is compelling and should reduce or eliminate a lot of the friction and inefficiencies."
Aspire is a Toronto-based financial technology and MaRS venture focused on providing data and technology solutions to the alternative lending market. Led by Co-Founders David Fry and Mark Lecker, Aspire has assembled a team of highly skilled and experienced financial services experts and software engineering talent. Aspire's inaugural product, the Gateway platform, is designed to provide better data, analytics and communications infrastructure to Alternative and Online Lending Originators and Institutional Investors. The platform uses proprietary software developed by the Aspire team providing a workflow, data, analytics, funding and reporting infrastructure solution for these two distinct user groups. Aspire aims to significantly reduce costs and increase efficiency for both user groups using a robust technology infrastructure. Aspire will be demonstrating the Aspire Gateway platform later this week at FinovateFall in New York.