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.
Borrower Portal
Loan Origination
Pre-Qualification
ERC Application
16 Fintech Integrations
- 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 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
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.
15+ years of experience in digital products, fintech integrations, personalizations, and value engineering