News

February 11, 2017

Bigger Office for Growing Team

LendPro Staff Charlottesville, Virginia - February 11, 2017 - LendPro has move its headquarters in Charlottesville to the IX Building downtown. With offices in Pittsburg and Northern Virginia, LendPro is expanding its home base in Charlottesville to include more space for the Executive, Sales and Implementation teams to continue to grow the business.

"As LendPro has doubled its revenue over the last year, we are positioned to continue this trend with innovative technology to meet the complex and ever changing demands in consumer financing across retail stores and practices nationwide", said Fred Knops, Chief Executive Officer for LendPro. "The additional space and central location at the IX building will support a growing staff of diverse talent."

LendPro’s new corporate address is 935B 2nd Street SE, Building 5, Suite 510, Charlottesville, VA 22902


January 19, 2017

LendPro Announces Realignment of Senior Executive Team

Charlottesville, Virginia - January 19, 2017 - LendPro announced today that its Board of Directors has made a number of changes over the past two months to augment and realign its senior executive team, and to fully position the company for continued growth. Harry Hopper, Vice Chairman of the LendPro Board of Directors, said that these changes are "designed to put in place a larger pool of senior expertise, better align the executive team against market opportunities, and ensure that recent growth trajectory continues well into the future."

Fred Knops, who has served as Chief Operating Officer (COO) of the firm for the past 18 months, has assumed the role of Chief Executive Officer (CEO). Fred brings 24 years of expertise at the intersection of financial services, information technology, and cyber-security. Mr. Hopper offered that Mr. Knops "is particularly adept at turning small technology businesses into larger ones. We’re thrilled that Fred has agreed to take on this expanded role and focus his extensive talents on leading the LendPro enterprise through its next series of strategic opportunities." Mr. Knops stated that "during my time at LendPro I have come to appreciate what a great team we have. I’m really pleased and humbled to be asked to take on the larger role."

David Weyher, the founder of LendPro and formerly CEO, will formally move into the position of Chairman of the Board. The company will continue to be Dave’s focus of attention, and he will continue to be active in its sales and marketing activities. "This is the right time to make this change," said Mr. Weyher, "and it will give me the chance to focus on what I love, actively engaging with our current and future customers." Mr. Hopper added that "David’s marketing acumen is extraordinary, and these changes will free him to focus on the firm’s growth, unfettered by day-to-day management of LendPro’s activities."

In addition, Mr. Derek Smith has joined LendPro as its first Chief Financial Officer (CFO). Mr. Smith brings almost three decades of experience in consumer financing, including serving as a senior executive in Capital One’s consumer lending business. Mr. Hopper stated that "Mr. Smith’s years of financial services expertise, and industry-leading knowledge of the application of data analytics in this space, will help the firm create its next generation of products and services, manage risks, and allow us to serve a growing range of customers."


July 21, 2016

Exciting New Concept for Consumer Financing Being Launched By LendPro at Las Vegas Market

Charlottesville, Virginia – July 21, 2016 – LendPro, the leading consumer finance platform for big-ticket retailers, today announced that it is introducing at the Summer 2016 Las Vegas Market a new and exciting concept for home furnishings retailers - a Financing Headquarters. Never before done, LendPro will host the Financing Headquarters to provide a single place at Market for retailers to learn about and gain additional knowledge of consumer financing. In the Financing Headquarters, located at World Market Center in Building C on the third floor lobby, LendPro and several of its industry-leading lender partners will host demonstrations and present mini-seminars on important consumer financing topics. In addition, marketplace data, consumer financing options, and industry best practices will be discussed.

LendPro has deep knowledge and experience in retail consumer finance, having worked for years with many of the most widely known and innovative home furnishings retailers and being partnered with many industry-leading lenders covering all consumer credit tiers. LendPro’s innovative lending platform, known as Open-to-Buy, is integrated with these lender partners and has processed millions of consumer finance applications. This has led to a wealth of knowledge regarding best practices in implementing consumer finance processes and programs in the home furnishings industry. The Open-to-Buy platform has been installed in over 750 retail stores across the country, including many on Furniture Today’s Top100 and Beyond the Top100 lists.

“While some lenders are available to discuss their specific programs in individual booths at Market, never before have retailers been able to go to one place at Market to get all the knowledge they need about consumer financing, including best practices and innovative ideas from a cross-section of industry experts,” said David Weyher, president and chief executive officer of LendPro.


December 10, 2015

LendPro Wins Large Home Furnishing Retail Customers

Charlottesville, Virginia – December 10, 2015 – LendPro announced today that it has signed several notable retailers on to its Open-to-Buy consumer financing technology platform. LendPro has been significantly growing its presence in the home furnishings industry and is proud to announce the recent addition of some of the top names in the home furnishings retail marketplace: Grand Home Furnishings; Crest Furniture (Value City Furniture and Ashley Furniture HomeStores); Royal Furniture, and Beck’s Furniture. Open-to-Buy, with its innovative lender financing “waterfall” technology, has proven to help retailers increase sales with an increase in approved applicants.

“LendPro has been a great partner. We are up 26% in secondary lender financing as a result of LendPro’s Open-to-Buy platform,” said Mitchell Keller of Crest Furniture, which operates 16 Value City and Ashley Furniture HomeStores in New Jersey.

LendPro has several retail consumer finance options through its lender partnerships that cover prime, near-prime, and sub-prime consumer credit profiles and are very competitively priced. Open-to-Buy can be used on any device, including tablets and a consumer’s own smartphone. These new retail customers add to some very successful relationships LendPro has operational with other leading home furnishings retailers, including Bernie & Phyls Furniture, Weekends Only, Homemakers (a Berkshire Hathaway company), Home Furniture, Star Furniture, Gill Brothers Furniture, and Taft Furniture, to name a few.

“LendPro has made a positive impact on the financing process at our store. The Open-to-Buy cascade feature creates a streamlined, seamless transaction for both sales associates and customers. Because of this, we are now able to cater to a larger demographic and increase our bottom line,” stated Sarah Pelton of Bernie & Phyls Furniture. “LendPro is very excited about our new retail partnerships and we will continue to work hard and further innovate our platform to produce even more positive results for our retail partners,” said David Weyher, LendPro’s president.


July 27, 2015

Petland and LendPro Announce Corporate-Wide Partnership

Charlottesville, Virginia – July 20, 2015 – Petland, Inc. and LendPro today announced a Petland corporate wide partnership, incorporating in to its consumer finance operation LendPro’s Open-to-Buy technology platform. LendPro has partnered with industry-leading consumer finance lenders to create a streamlined and very effective way to enable retailers to approve more consumers for financing, thereby empowering them to sell more goods.

LendPro conducted a recent pilot program in Petland corporate stores and several franchise locations. The results of the pilot proved that the Open-to-Buy platform and associated lenders approved a significant number of consumers that were not approved through Petland’s primary credit offering. "LendPro has provided my pet stores with a valuable sales tool,” said Matt Donovan, franchise owner of two Petland stores. “They have excellent lending options at very affordable rates that allow my staff to get more customers approved for financing and makes the process very simple."

LendPro has several lending options that cover near-prime and sub-prime consumer credit profiles and are very competitively priced. Open-to-Buy can be used on any device, including tablets and a consumer’s own smartphone. LendPro and Petland have negotiated an attractive price for Open-to-Buy available to franchise owners. “Petland stores understand how financing the consumer’s purchase can lead to more and higher ticket sales,” stated David Weyher, LendPro president. “LendPro gives these stores a fast, easy and effective way to accomplish this.”

“Petland found a partner in LendPro that has demonstrated an ability to bring effective lending options to our Petland stores and has done so in a manner that makes financing our customers easy and efficient,” said Lisa Johnson, Petland’s vice president of finance. 


January 12, 2015

LendPro Grows List of Satisfied Merchants

Charlottesville, Virginia – January 12, 2015 - There is no better way to gauge the success of a product than what users of that product have to say about it. That is why LendPro puts a great deal of importance in securing testimonials from users of its Open-to-Buy retail consumer finance platform. Adding to the long list of LendPro testimonials are Matt Donovan, owner of two Petland stores in the Columbus, Ohio area and Andy Mukherjee, owner of John Smeal & Co. Jewelers. "LendPro's Open-to-Buy system allows my staff to feel confident about introducing and offering financing due to its easy and quick application process with strong lending options covering multiple credit tiers," stated Andy Mukherjee. "If our customers are declined by the first look lender, they easily cascade down to the next tier of lenders to help us achieve more approvals."

Matt Donovan had this to say about how his business benefits from using Open-to-Buy: "LendPro has provided my pet stores with a valuable sales tool. They have excellent lending options at very affordable rates that allow my staff to get more customers approved for financing and makes the process very simple. LendPro's Open-to-Buy system is a no-brainer for any retailer that embraces financing to increase sales."


November 12, 2014

Home Furnishings Association Partners with LendPro for Consumer Finance Solution

Charlottesville, Virginia – November 12, 2014 - The North American Home Furnishings Association (NAHFA) and LendPro LLC are excited to announce today they have formed an alliance to offer LendPro’s innovative consumer retail finance solution to the NAHFA’s 8,000 member stores.  LendPro’s “Open-to-Buy” system provides home furnishings retailers with a way to obtain more approvals for consumers applying for financing in-store. 

“The multi-tier lending options that are a part of the LendPro program will be a tangible benefit to our member retailers. Maximizing approvals and streamlining the application process made our decision to partner with LendPro even easier.”, said Sharron Bradley, chief executive officer for the North American Home Furnishings Association.

LendPro is integrated with many different lenders that span the prime, near-prime, and sub-prime credit tiers.  The Open-to-Buy system is installed in hundreds of retail stores and have processed over one million finance applications resulting in consumers having over one billion dollars of new purchasing power for in-store purchases.  “LendPro has partnered with the leading home furnishing industry lenders across all credit tiers to give the home furnishings retailer a sales tool that has resulted in a 30% increase in the number of approved applicants, stated David Weyher, LendPro’s president.”  “This is new purchasing power in the hands of the consumer while in the retail store.”


October 27, 2014

LendPro Raises Equity Investment to Fuel Growth

LendPro announced today the closing of a $2.5 million equity financing transaction with Mobile Financial Partners (MFP), an investment and management group with broad experience in venture capital, information technology, consumer finance and mobile communications.  The staged funding agreement with MFP follows the 2013 initial seed round financing in LendPro by investors, the Center for Innovative Technology (CIT) and Virga Ventures LLC.

Coinciding with the MFP financing, LendPro announced the addition of Glen Flowers as Executive Vice President. Mr. Flowers will focus on the company’s sales, marketing and field operations efforts.  Mr. Flowers has extensive experience in retail and consumer services and has held executive level sales and operations positions at large mobile retail businesses, including Sprint/Nextel, Metro PCS and Cricket Wireless, as well as at a fast-growing retail finance product start-up.

LendPro will use the MFP financing proceeds to rapidly grow its business and leverage the position LendPro has attained with its innovative retail consumer finance technology in the “big-ticket” retail marketplace.  “Mobile Financial Partners brings much more than money to LendPro,” said David Weyher, LendPro’s president.  “They are active investors who are already lending their deep expertise and experience to help position LendPro for large scale.”

“We were impressed with LendPro’s strong position in the retail consumer finance space and are delighted to partner with LendPro in further developing and expanding its leading technology platform for dramatically improving the experience of consumers, retailers and lenders in executing consumer financing for big-ticket purchases,” stated Mobile Financial Partners. 


August 26, 2014

Furniture Today Article Puts Spotlight on LendPro

Furniture Today released an article on August 19 discussing the growth and importance of "high-tech retail credit systems." LendPro was prominently displayed as an example of this type of system. The article outlines the reasons why a system such as LendPro's can help retailers gain more approvals, streamline the financing process for both consumer and store personnel, and give the consumer a better experience when it comes to applying for retail consumer finance.  

LendPro's customer, John V. Schultz Furniture, was held up as an example of a retailer embracing this new way of offering financing in the retail store.  "John Schultz said he’s happy with the results of his LendPro system, but noted that the turndown rate is actually a little higher — because it’s so easy to apply, more people with questionable numbers are “fishing” for credit, he thinks," writes Furniture Today's Jay McIntosh.  But Schultz adds, “The salespeople like it. It frees them up.” 


June 12, 2014

Influential Home Furnishings Buying Group Partners with LendPro

LendPro has signed a partnership with the largest volume furniture buying cooperative in the nation, Furniture Marketing Group (FMG).  FMG currently represents 110 member retailers having over 780 storefronts with cumulative annual sales approaching $3 billion.  This partnership will provide FMG member retailers an easy-to-use, efficient, and highly effective multi-lender platform to finance more sales, thereby increasing sales. FMG will market LendPro's Open-to-Buy retail consumer finance technology directly to its 110 members, many of which are Top 100 ranked home furnishings retailers.  FMG members Bernie & Phyls, Weekends Only, John V Schultz, Furniture Fair, and Homemakers are among those currently running LendPro's Open-to-Buy system.

FMG members will receive a special subscription price and also a rebate based on member participation.  Current LendPro lender partners - Wells Fargo, Fortiva, and Genesis Financial - are also FMG partners.  Leveraging these lender partners together with LendPro's automated retail consumer finance platform and optional kiosk technology will provide the Furniture Marketing Group even more value - the whole being greater than the sum of the parts!


December 18, 2013

Retailers Seeing Big Sales Gains Using LendPro's Open-to-Buy System

More and more retailers that are using the Open-to-Buy consumer self-service finance system from LendPro are testifying that they are realizing significant sales gains while greatly improving their customer's experience when it comes to financing. By giving consumers a private, secure, and easy way to apply for financing in the retail store, and by having several lender options available, more consumers are willing to apply and more of them are being approved for financing.

"At Clodius and Company, we are absolutely thrilled with our LendPro finance kiosk," said Brian Tessmann, Store Manager. "Not only is it easy for our customers to operate, but it generates approvals at a great rate for a wide range of credit levels and puts the money right where we need it, and that's in the customer's hands!  Increases in sales volume, happy customers, and ease of use make utilizing LendPro's system an absolute slam dunk for our store."


July 09, 2013

CIT GAP Funds Invests in LendPro

The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds has closed an investment with LendPro.

Read Full Press Release.[/event]


June 20, 2013

Watch a Live Client Testimonial
See what this retailer had to say about the Gemstar credit kiosk. You can now compete with the majors on an even playing field!
Watch the video.[/event]


April 18, 2013

Watch a Live Client Testimonial
Over 75% approval rate! Three tiers of financing options. Allows independents to successfully offer financing programs and compete with the chain stores! Watch the video.[/event]


 

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