Iowa-based fintech company LenderClose announced a rebrand to Coviance.
Company leaders said the new branding reflects the next phase of growth as a technology partner providing process automation.
“The evolution of our technology has advanced us into a new era on our mission to perfect the lending experience,” Coviance founder and CEO Omar Jordan said in a release. “Our technology empowers credit unions and community banks to compete with fintechs, delivering the best borrower experience with a more humanized touch.”
Founded in 2015, Coviance has over 425 credit unions and community banks nationwide on its platform, reporting 1,117 percent three-year growth. In 2022, nearly $8 billion in home equity lending transaction volume was processed utilizing Coviance’s technology.
Alongside the rebrand, Coviance’s proprietary technology, Home Equity Express (HEx), automates the home equity loan process through configurable workflows with data-driven decisions. The cloud-based platform uses real-time data, vendors with pre-built integrations and intelligent communications.
“We are emerging as the category leader and are committed to advancing technology across the lending journey so that community lenders can focus on what matters most; their borrower’s experience,” Jordan said. “We’re putting valuable time back in the hands of the lender and borrower.”
HEx core features include process automation, communication automation, vendor services and customer support.