Spring Finance announces partnership collaboration with Optalitix and LendingMetrics

01 August 2024

Specialist lender Spring Finance has partnered with Optalitix and LendingMetrics to launch a market leading, technology led origination system.

Optalitix Originate will provide Spring’s mortgage origination platform whilst LendingMetrics will provide an integrated decision engine.

This collaboration will enable Spring to fully automate the decision in principle and application process, using data from credit reference agencies, affordability models and other third parties to provide a robust and reliable lending decision early in the application process.

The new platform will also allow brokers to seamlessly transfer customer data from their internal systems, reducing the need to re-key any data.

Shelley Stern, Director of Mortgages said “We are delighted to be partnering with Optalitix and LendingMetrics. This is a significant step forward for Spring Finance and compliments the improvements we have introduced over the past 12 months. The systems will enhance both the broker and customer experience by providing data-driven reliable decisions.”

Andrew Bloom, Chief Executive and owner of Spring, added: “Both Optalitix and LendingMetrics have extensive expertise within the mortgage industry and the delivery of these two systems will play a pivotal role in Springs growth plans “

Alistair King, COO at Optalitix, said “We are excited to be providing Spring with our innovative Originate platform. By integrating our platform with their decisioning platform, Spring will benefit from the full range of flexibility, intelligence and efficiency offered by Optalitix Originate. We look forward to being a key partner to Spring in their future growth journey”.

Neil Williams, CTO of Lending Metrics said, "We are excited by our collaboration with Spring Finance. By integrating with LendingMetrics' Auto Decision Platform, Spring Finance will be able to take advantage of efficient decision-making within milliseconds. We look forward to strengthening our relationship and achieving further success together in the future."

About Spring Finance

Spring Finance Limited was established in 2011 as a second charge mortgage lender, lending to customers who don’t meet the normal criteria of high street banks and building societies. It is authorised and regulated by the Financial Conduct Authority for regulated mortgage lending and administration and registered with them for Consumer Buy to Let lending. In March 2022, Spring entered the bridging finance market lending on a first and second charge basis with a mixture of regulated and unregulated loans.

Spring’s focus has always been about treating customers as individuals, and not a credit score. Spring understands that people have different financial backgrounds and believes that just because a customer has bespoke requirements does not mean that they should be excluded from obtaining affordable finance. Spring’s personal and efficient service is central to their relationship-based philosophy and approach to lending.

About Optalitix

Optalitix, established in 2013, is an award-winning InsurTech that provides software pricing products to leading UK insurers, including the London Market, as well as the banking and healthcare industries in the UK.
As a specialist insurance underwriter software provider, Optalitix is made up of a team of over 50 engineers, actuaries, analysts, and data scientists, who specialise in converting Excel spreadsheet models to code to create scalable, no-code, cloud-based products.

Optalitix’s award-winning products are easy to use. They enable insurers to manage risks better, with pricing models that can be used everywhere to boost pricing, improve underwriting performance, increase efficiency, and reduce costs. They also enable insurance and finance businesses to analyse data more effectively to create actionable insights that drive growth.

The company's achievements have been recognised by various prestigious programmes, including the Fintech Innovation Lab, Lloyd's Lab, Mass Challenge, and Oxbow Insurtech 25, as well as winning a number of prestigious industry awards. Discover more: www.optalitix.com

About LendingMetrics

LendingMetrics is a multi-award-winning financial technology and data specialist. Its Auto Decision Platform (ADP) leads the way in assisted decisioning in the financial services sector, allowing lending approvals to be made in seconds rather than days. Since it was launched in 2016, ADP has permitted businesses to rapidly deliver increased lending volume, improve decision quality and reduce overheads. The platform utilises proprietary data solutions and is linked to all major credit rating agencies (CRAs) and other third parties, including Open Banking platforms.

LendingMetrics is registered as a CRA and AISP Open Banking provider and is authorised and regulated by the Financial Conduct Authority. The company won the ‘Technology Partner of the Year Award’ at the Consumer Credit Awards for the fifth consecutive year in 2024. It was named ‘Best Credit Risk Solution’ at the Credit & Collections Technology Awards four years running, and ‘Best Technology Partner’ at the Car Finance Awards of 2020. Additionally, it was named an Organic Growth 25 business after demonstrating high levels of growth, and has featured as a top 20 ‘premier’ company on the Credit and Collections Power List two years in a row.

The company’s robust technology and data infrastructure and blue-chip partnership eco-system focuses on delivering scalable and secure affordability, suitability and predictive solutions to the entire financial sector.