LendInvest and Onfido form partnership to speed up digital mortgage application process

LendInvest and Onfido form partnership to speed up digital mortgage application process

LendInvest, the UK’s leading online property finance marketplace, has partnered with identity verification provider Onfido to streamline the digital mortgage application process.

Relating specifically to buy-to-let products, applicants can now confirm their identity online, without the need for paper forms.

By incorporating Onfido’s proprietary technology into LendInvest’s digital application system, buy-to-let brokers can prove a client’s identity by simply uploading a photo of one identity document (e.g. passport or driving licence) along with a ‘selfie’.

Making applying for a mortgage easier for both brokers and buyers, the rationalised digital application process will save valuable time. Furthermore, it will reduce the effort and resource needed when providing certified physical documents.

Christian Faes, co-founder and CEO of LendInvest, said: “Working with Onfido is a great example of two fintech companies working together to solve an all-too-common financial services problem.

“We are continually developing our own technology tools and systems in-house to make the borrower journey through our products simpler, faster and more efficient.

“Wherever it makes sense, we’ll always integrate these with other technology leaders’ complementary tools for the added benefit of our customers.”

Hussayn Kasai, co-founder & CEO of Onfido, added: “We live in an increasingly online world, and in-person or paper-based processes are no longer fit for purpose.

“There’s increasing demand from both brokers and consumers for a fast, frictionless and secure lending experience, and we’re proud to work with market-leading companies like LendInvest to deliver that.”

Plans are also in place to incorporate Onfido technology into the onboarding process used for LendInvest’s online investment platform.

The latest announcement follows news that LendInvest integrated digital payment services provided by global fintech leader Stripe into its platform. This partnership enabled LendInvest to take online valuation fee payments for buy-to-let applications.

LendInvest specialises in short-term loans to developers seeking to do up properties and flip them back into the market. However, earlier this month it was revealed that LendInvest had swung into profit, as it pushes into offering more mainstream products such buy-to-let mortgages. 

Since launching its first buy-to-let product with a digital application process in November last year, LendInvest has also introduced a new online quotation calculator and seen rapid team expansion. In particular, LendInvest has strengthened its presence in Luxembourg as it prepares for a post-Brexit future. 

Toni Ryder-McMullin

Toni is the Media Officer for Today’s Conveyancer, Today’s Wills & Probate and Today's Family Lawyer.

I worked for a law firm for 16 years, during my time at the firm I worked as a company commercial legal secretary for 7 years but changed careers and moved into marketing for the remaining 9 years – where I covered all aspects of marketing.

While in the marketing role, I achieved a CIM Professional Certificate in Marketing and CAM Diploma in Digital Marketing.

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