Benzinga | Dec 2, 2021 12:00PM EST

Coastal Community Bank Reports Partnership With LendingPoint To Expand Inclusive Lending

Coastal Community Bank, a division of Coastal Financial Corporation (NASDAQ:CCB), a socially evolving bank with branch locations serving the north Puget Sound, announced the Bank has entered a partnership with LendingPoint LLC, the leading AI CreditTech platform designed to improve access to affordable credit for consumers and small businesses while reducing the risk and costs of lending.

Coastal will expand its geographic footprint for both consumer and small business lending options via a seamless, digital experience enabled by LendingPoint's award-winning platform. LendingPoint has originated over $4.5 billion since 2015.

"With LendingPoint we're able to create greater access to much-deserved credit for a much broader scope of individual borrowers and entrepreneurs," said Chris Adams, Board Chair of Coastal. "With the predictive underwriting models and lower fraud rates delivered by the LendingPoint platform, Coastal will provide a more inclusive experience and be able to offer a broader range of lending solutions for our customers."

Qualified consumers and small businesses will receive tailored offers as they seamlessly integrate into a Coastal--branded digital experience on the LendingPoint platform. LendingPoint partners with banks and institutional investors to provide data-driven CreditTech solutions using AI, enabling a broader distribution of responsible lending alternatives to borrowers of all backgrounds.

"Coastal shares our mission to find more ways to say yes to those who are seeking responsible borrowing options, whether the goal is to fund a dream vacation, make home improvements or enable a business venture," said Tom Burnside, CEO of LendingPoint. "We're proud to partner with Coastal to expand access to affordable credit to people and small businesses that need and deserve it."