LendInvest Selects NetSuite to Support Rapid Growth
Founded in 2013, LendInvest has connected hundreds of borrowers representing over 2,500 building projects with nearly ?750 million in investment capital. The financial technology innovator, alternative investing and lending service has a unique and powerful platform which manages credit risk and responsibly manages the relationships between borrowers and lenders. By connecting lenders and borrowers directly, LendInvest is making it easier to buy, improve and develop properties.
In late 2015, many of LendInvest's back-office processes were buckling under the strain of its rapid growth. Many regulatory processes and best practices lacked automation and business rules control, forcing the company to rely on Excel spreadsheets to manually manage revenue recognition. It quickly outgrew TAS Books Online, a rudimentary accounting software package with limited functionality that lacked the sophisticated auditability and financial controls required for modern businesses preparing to scale.
In addition, as LendInvest partners with larger and more sophisticated investors, the company needed a software system that would allow it to access real-time information on the status and health of its loans.
NetSuite OneWorld delivers the following features and benefits to LendInvest:
- Rapid implementation. LendInvest implemented and had NetSuite OneWorld up and running within three months of purchase, speeding time to value.
- Native cloud solution. Version lock, painful upgrades and maintaining on-premise systems all go away with NetSuite. Instead, LendInvest gets automatic product updates and a platform that allows for easy customisations and integrations.
- Flexible and powerful customisation and integration capabilities. NetSuite’s SuiteCloud development platform provides flexible customisation tools to meet LendInvest's needs, and can quickly connect with complimentary software solutions.
- A scalable platform. NetSuite’s scalable infrastructure enables the business to be flexible as it expands to support growth, without significant expenses.
- Real-time visibility and business intelligence. With NetSuite OneWorld, LendInvest can gain real-time insights into key performance indicators (KPIs) for a unified view across the head office and subsidiaries with a single version of truth.
- Multi-country currency management and tax compliance. LendInvest already accounts in both pounds and Euros, and the multi-currency and multi-country tax compliance functions position the company for further growth.
Already accounting for over 10 percent of the short-term mortgage market in the UK, LendInvest is looking to continue its growth.
About NetSuite
In 1998, NetSuite pioneered the Cloud Computing revolution, establishing the world’s first company dedicated to delivering business applications over the Internet. Today, NetSuite provides a suite of cloud-based financials / Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 30,000 companies, organisations, and subsidiaries in more than 100 countries.
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