Lenny and Dwolla Combine to Help Millennials Get Credit
Today, Lenny, a micro lending mobile application focused on Millennials, and Dwolla, a bank transfer network, announced they are joining forces to create a micro lending program to help potential borrowers create accounts and lenders verify credit worthiness in a cheaper, more efficient way.
Utilizing Dwolla’s new API, Lenny plans to focus on assessing students’ credit worthiness using criteria such as their educational background, particularly their GPAs. Using this information, Lenny will provide micro loans to students.
In addition to providing the loans, Lenny offers personal finance education for Millennials that offers advice on improving credit scores and other financial tips.
“We are very pleased to be working with Dwolla,” said Joe Bayen, CEO and founder at Lenny. “Our goal is to provide a seamless and highly secure platform for our users’ transactions, and Dwolla definitely meets all of our safety and security requirements.”
“Lenny is on a great path to make it easier for college students to start building their credit history in a responsible way,” said CEO and founder of Dwolla, Ben Milne. “Dwolla’s end-to-end payment system allows Lenny to put their resources behind their core business: building a credit history for people who need one.”
While Lenny is only available at select universities right now, it plans to go nationwide in 2016. Initially, the application will only be available on Apple’s iOS platform.