January 16 – rateGenius, offering vehicle loan refinancing, has spun off its software subsidiary, FinanceGenius, as an independent company. The separation was effective December 1, 2016. FinanceGenius is a Financial Technology (FinTech) company that provides a cloud-based loan origination system and associated mobility software that is used by credit unions and community banks.
FinanceGenius was incubated by rateGenius in 2010, and introduced its first product in 2012. The company developed a purpose-built cloud-based SaaS model in 2016 to give its customers the advantages of a fast, cost-effective implementation without having to invest in additional in-house IT resources. FinanceGenius provides an innovative automated decision engine that significantly automates the loan decisioning process, thereby increasing an institution’s productivity and reducing costs.
“Through our incubation of FinanceGenius, we were able to develop a game-changing, simplified Loan Origination System (LOS) that built on rateGenius’s expertise in the consumer lending market,” said Chris Brown, founder and CEO of rateGenius. “Making FinanceGenius an independent company allows it to leverage its market success into an identity of its own, and to build leadership in a key, growing segment of the FinTech market.”
From a customer perspective, “FinanceGenius’ cloud-based LOS system gives us the ability to implement loan programs quickly and without extra cost,” said Jeff Cubberley, Vice President of Lending at Webster First Federal Credit Union in Worcester, MA. “Our goal is to increase loan penetration in our account base. FinanceGenius makes it easy for our members to complete the loan application and approval process with minimal human intervention. We want to automate 50% of our loans. Our legacy LOS was unable to get us there. We are looking forward to strengthening our relationship with FinanceGenius as an independent company.”
FinanceGenius announced the appointment of Tejas Vakil as President and CEO. Vakil is a 35-year veteran of the technology industry having held executive positions at Dell, Bertelsmann (arvato), and Compaq, as well as at several startups.
“I am grateful to the board for the opportunity to lead a dedicated and creative team at FinanceGenius,” said Vakil. “Our simple-to-use, cloud-based Loan Origination System products offer significant revenue enhancement and efficiency benefits to credit unions and community banks, and I look forward to working with the team to expand our presence in the market and grow the company.”
FinanceGenius also announced a six-person Board of Directors, led by Lary Evans. Lary is a 30+-year veteran of the computer industry, having held senior executive positions at Dell, Inc., Sequent Computer Systems, Xerox, and Digital Equipment. The other members of the board are: Chris Brown, Founder and CEO of rateGenius (and Founder and former CEO of FinanceGenius); David Baizer, a real estate developer, and long time investor and board member in several companies; Rick Salwen, retired former Vice President, General Counsel, and Corporate Secretary of Dell Computer Corporation; Rex Bohls, an Austin real estate developer, investor, and board member of several companies; and Tejas Vakil, President & CEO of FinanceGenius.
FinanceGenius simplifies loan origination for smart, fast and consistent automated loan decisions in half the time. It’s the first cloud and subscription-based LOS designed to streamline applications from all sources (web, mobile, in-branch, call centers and dealers) into one place. Consumers find it easy and fast to apply and get a loan decision anytime, anywhere. Employees become smart lenders in days, not weeks or months. Marketers and Lenders get self-configurable tools to launch loan promotions in minutes. Because FinanceGenius is cloud-based, it’s not disruptive to implement, it’s always up-to-date, and it provides for maximum redundancy. FinanceGenius is based in the innovation capital of Austin, Texas. Learn more at: http://www.financegenius.com.