Managing The Pre-Underwriting Process / FinTech Company | Assivo

Managing The Pre-Underwriting Process / FinTech Company

Managing The Pre-Underwriting Process / FinTech Company

Managing The Pre-Underwriting Process / FinTech Company

Nadia Swofford
(Business Development)

July 6, 2020   |   7 min read

The Client Company

Our client is a progressive and rapidly growing FinTech company that has raised over $100 million in private funding from leading venture capital firms.  They specialize in providing small to medium-size businesses with access to competitive financing for working capital and other day-to-day operational needs.

Client’s Challenges

As our client faced increasing demand and higher volumes of applications from small businesses who wanted to access its funding, they knew that they had a problem with scaling.  The underwriting process was manual, tedious, and becoming a bottleneck for their in-house underwriting team.  Loans were being delayed due to underwriting bottlenecks, and our client was often losing business to their competitors as the market heated up and more entrants formed to compete with our client.

assivo's solution

In consultation with Assivo’s team, our client decided to split up the underwriting process into two parts: pre-underwriting and underwriting. Assivo started off with a team of 6 full-time associates and eventually scaled it to 30+ associates. Assivo’s team handled the tedious work of gathering relevant financial statements, bank statements, and other data and collating/preparing it for the purposes of underwriting decision-making. Assivo’s team learned our client’s underwriting requirements, and also filtered out loan applications that were clearly not a good fit. Our client’s underwriting team focused purely on decision making and approvals, and stopped spending time on gathering data and collating information. This led to a substantial increase in capacity and our client was able to adhere to a strict 24 hour turnaround time on decisions for all completed loan applications. They became more competitive in the marketplace, increased their bandwidth, and streamlined their operations.

About Assivo

Assivo provides progressive and technology-enabled business process outsourcing solutions to SMBs, middle market companies, startups, and emerging growth companies across a wide variety of industries. This segment of the market is often underserved by large/legacy outsourcing firms, yet disappointed with the quality of service that they receive from small and mid-size providers.

We utilize modern technology, automation, and talented offshore teams to accelerate our clients’ business objectives in a cost-effective manner without sacrificing quality.

Our primary service offerings are: Data Entry & Processing, Research & Data Collection, Lead Generation & CRM Management, Data Cleansing & Data Enrichment, Data & Content Moderation, and Back Office Processing & Support.

Assivo was founded in 2016 by Karan Vaswani and is headquartered in Chicago, with state-of-the-art operations in India.