Even Financial, a company that offers a search and recommendation engine for financial products, has partnered with Figure to list their personal loan products on the Even platform.
This partnership marks the entry of Even into the blockchain space as the company Figure uses AI and blockchain to deliver various financial products to its customers with speed and ease and this partnership is expected to bring in the same facilities within the Even platform and use the consumer base that Even has,
Shwetabh Gautam, Director of Financial Institution Partnerships at Even added: “We continue to see a strong resurgence in the demand for lending products across the millions of consumers Even surfaces offers for each month. The addition of cutting-edge partners like Figure strengthens our ability to connect consumers with the loans best suited for their unique needs.”
This partnership would enable the consumers to get loans of up to $50,000 on the Even platform and the whole process is kept online so that it is convenient for the users. They will be able to see their rates and the amount of funding that they can get on the platform itself and thus get quick access to funding.
Personal lending is one of the major fields in that blockchain would serve its full purpose as it is decentralised data and privacy that it offers would be very useful for the consumers and the lenders as well. The lenders can be given access to the specific data by regulators and the consumers and this would help them to evaluate the consumers, decide on lending and store back the data on the same blockchain. So it makes sense for Figure to use blockchain to bring in quick and easy disbursement of funding.
“Phill and the team at Even share our vision of leveraging blockchain technology to make financial services simpler, faster, and personalized. Through the Even platform, we will be able to reach a broader and more diverse set of consumers seeking our innovative credit products,” said Brad Simmons, CMO of Figure.
Major publishers like TransUnion have also tied up with Even Financial to push their financial products including loans, credit cards, and savings. At these times when the pandemic is still to fully recede, personal loans would be key for many users in these difficult times. 2021 has been a good year for lending so far and Even Financial has also been growing during this time as more than $3 billion has been disbursed through its platform and API which is used by more than 400 partners.