In episode six of the Income Insights Podcast, hosts Denny Neidhardt from Re:Think P2P and Kimmo Rytkönen, the founder of Income, delve into the nuances of the latest developments on Income, lender onboarding and acquisition process, and future prospects.
Key Discussion Points:
- Latest developments: The conversation begins with Income’s recent achievement of surpassing a 10 million Euro portfolio. It hints at an optimistic future bolstered by adding new Loan Originators (LOs) to the pipeline. The discussion then moves to the latest interest rate changes on the platform.
- Acquisition and Onboarding Process: Diving into the main topic for the podcast, Kimmo explains how Income’s strategic approach to new lender acquisition starts with agents and prioritizing compliant jurisdictions to ensure lenders meet funding and legal standards.
- Due Diligence and Legal Compliance: Lender onboarding also involves due diligence, which includes financial and legal evaluations and Kimmo explains the whole process in-depth.
- Sales Cycle and Integration: The podcast also touches upon the sales cycle duration from initial contact to integrating a new lender on the marketplace.
- Challenges and Objections: Kimmo discusses some hurdles encountered during the acquisition process, including lenders’ reluctance to share information, highlighting the importance of transparency and compliance.
- Future Prospects: The episode concludes with a glimpse into Income’s future plans, including expanding the portfolio beyond traditional payday and installment loans. Potential collaborations are mentioned with broadening the platform’s horizon to include innovative and insured cash flow-related products.
This episode provides valuable insights into Income’s strategic approach to lender acquisition and onboarding, the rigorous due diligence process, and the platform’s future direction. The discussion underlines the importance of compliance, the challenges faced, and the optimism for continued growth and diversification of loan products.
