eProdigy Financial: Bridging the Technology Gap in Lending Management

David Rubin, Founder & CEO, eProdigy FinancialDavid Rubin, Founder & CEO
In the wake of the 2008 financial crisis, traditional banking institutions implemented stringent lending criteria. Following which, many small and medium size businesses (SMBs) were hardly able to qualify for bank loans. This intricate circumstance led to the emergence of Merchant Cash Advance (MCA) and other alternative finance companies and today, almost a decade later, the landscape has transformed into a billion dollar industry. In spite of the presence of numerous players in the alternative finance landscape, the industry hasn’t been able to capitalize on many technology trends. With a vision to bring innovations to this thriving lending market and empower organizations with technology, David Rubin laid the cornerstone of eProdigy Financial. Driven by superior technology, eProdigy works with all facets of the alternative finance industry to provide clients with comprehensive business funding and servicing solutions.

A proven leader in the Merchant Cash Advance arena, eProdigy’s cloud-based web platform equips Indep Sales Offices, merchants, and funders with a one-stop solution for underwriting, participation funding, and process payments. eProdigy’s automated underwriting solution integrates with merchants’ bank accounts and streamlines the entire underwriting process, which in turn assists organizations to run quick background checks and make funding-related decisions. The same capabilities are also extended to the mobile app QuickBooks, which borrowers can gain insight about loan feasibility, its acceptance, and rejection through the click of a button. These underwriting solutions are backed by a wide range of APIs that verifies crucial bank account details of the borrower such as determining the account’s standing, identifying if bank belongs to high-risk category and several others.

Our mission is to add value to the funding business, and we will go to any lengths to achieve it

The innovative platform ingrains drag and drop feature compounded with OCR (Optical Character Recognition) capabilities that enable bills to be fed into the platform to extract credit-debit information. Analytics, which is an important pillar of the eProdigy platform, ensures data tracking with the help of its APIs and integrates analytics tool such as Tableau that allows organizations to manipulate data, examine co-relation reports, static pools, scorecards, ROI, and collection curves. Plus, it collaborates with other data and risk management tools to bring forth a robust funding solution to the fore. “We have built a system that accommodates every crucial data point, data analytics, deep learning of portfolios, among others,” Rubin elucidates.

The aforementioned portfolio of services is backed by a dedicated pool of developers, who constantly bring innovations to the lending management ecosystem. And while doing so, the team incorporates every new technology trend that adds value to the offering and makes the underpinning algorithm stronger. It is because of such strong and committed team, eProdigy is able to deliver bundled and customized solutions that are tailored to meet customer requirements.

eProdigy visions to continue churning out solutions that add value to funding organizations or quasi-lenders. The firm is determined to optimize current technology trends to strengthen its acquisition, servicing, and profitability. Continuing the journey forward, eProdigy envisions major geographical expansions that would enable the firm to serve a wider audience. In order to drive its expansion plans home, eProdigy is collaborating with market-leading lending management organizations. Additionally, eProdigy plans to start joint ventures with its partners in international territories. “Our mission is to add value to the funding business, and we will go to any lengths to achieve it,” Rubin concludes.