A case study by Praxent^⌘

An agile, tech-forward small business capital access platform

An $11.4B PPP loan servicing firm had a vision for an integrated, data-driven SMB lending platform 

NEWITY initially partnered with Praxent to redevelop its borrower portal and streamline loan servicing. As the partnership progressed, soon NEWITY was launching products every 12 weeks. Now, they’re a one-stop location for financial assistance to 120,000+ small businesses.

Scope

Borrower Portal
Loan Origination
Pre-Qualification
ERC Application
16 Fintech Integrations

Results

32% reduction in customer support tickets
85% loan origination conversion rate
67% reduction in underwriting (27 hours per week)

The vision for NEWITY

Expand client LTV

NEWITY needed to go beyond PPP loans and expand into additional capital programs.
– PPP loans
– 7 (a) loans
– Employee Retention Credit (ERC)

Scalable underwriting

With such growth, maximizing efficiency was key. Enabling underwriters to only spend time on qualified applications with a Pre-Qualification flow allowed for scale.

Fast-paced technology partner

An agile technology foundation would allow NEWITY to stay one step ahead of customer expectations. To deliver this, they needed a fintech-specialized strategic technology partner.

Effortless applications

To differentiate from legacy SMB lenders, the application processes needed to be frictionless and fast.

Agile platform

The lending market can be fast-paced and it takes agility to succeed and capture opportunities quickly.

Pre Qualification Experience

In only 13 weeks, Praxent designed and built a pre-qualification experience that drove efficiencies in underwriting.

SMB Loan Origination

To create an effortless user experience, Praxent integrated over 10 fintech APIs to automate and optimize the user data and documentation collection.

Borrower Portal

Launched in 13 weeks, the intuitive borrower portal simplified loan servicing to reduce customer support requests. Integrating a business services marketplace to solve four common SMB challenges, drove brand loyalty and generated referral revenue.

ERC Products

Launched in 14 weeks, NEWITY’s ERC Products enable SMBs to apply and receive their credits in as little as 5 days from approval.

Pre-Qualification and Loan Origination

47%

UNQUALIFIED APPLICATIONS AUTO-REJECTED UPFRONT

85%

conversion rate OF QUALIFIED APPLICANTS

27

UNDERWRITING HOURS SAVED PER WEEK (67% OF A FTE)

13

weeks to launch

Borrower Portal

42%

decrease in borrower emails

32%

Decrease in overall customer support tickets

VOTED BEST BUSINESS SERVICES MARKETPLACE (LENDVER)

13

weeks to launch

ERC Products

+950

applications processed

$130K

average ERC refund

VOTED BEST BUSINESS SERVICES MARKETPLACE (LENDVER)

14

weeks to launch

What NEWITY had to say

Bryan Hallene

COO, NEWITY

Praxent has been a true strategic partner, and their team has never failed to impress us with their depth of knowledge in the fintech space. Praxent’s direct focus on business results backed by the value engineering and fintech expertise needed to successfully implement and launch compelling digital experiences for our small business clients has driven ROI and growth.

Why Praxent

A partner from end to end

UX Strategy and Design

Full-Stack Development

Systems Integration

DevOps Implementation

Quality Assurance

CRM Data Orchestration

See the platform in action

Stitching together services has given NEWITY the power to serve their customers uniquely. They can show customers their data in accessible, informative, and actionable ways. They can understand their customers and offer them helpful services that help their businesses grow.

James Moughon VP of Digital Products. Praxent

15+ years of experience in digital products, fintech integrations, personalizations, and value engineering