LendInvest and Onfido form partnership to speed up ID checks
LendInvest and Onfido, an identity verification provider, have partnered to further streamline LendInvest’s digital application process for its buy-to-let product by making ID checks quicker.
By incorporating Onfido’s proprietary technology into its digital application system, LendInvest BTL applicants can now confirm their identity online, instead of the need for paper forms.
Their brokers can prove a client’s identity by uploading a photo of one identity document to LendInvest’s application portal, such as a passport or driving licence, along with a ‘selfie’ photo of the applicant taken with their mobile phone.
Christian Faes, co-founder and chief executive of LendInvest, said: “Working with Onfido is a great example of two fintech companies working together to solve an all-too-common financial services problem.
“We are continually developing our own technology tools and systems in-house to make the borrower journey through our products simpler, faster and more efficient.
“Wherever it makes sense, we’ll always integrate these with other technology leaders’ complementary tools for the added benefit of our customers.”
This partnership makes the mortgage application process easier for both brokers and their clients. It saves them essential time, effort and resource by removing the need for certified physical copy documents to be provided.
Plans are also in place to incorporate Onfido technology into the onboarding process used for LendInvest’s online investment platform over the coming months.
Hussayn Kasai, co-founder and chief executive of Onfido, added: “We live in an increasingly online world, and in-person or paper-based processes are no longer fit for purpose.
“There’s increasing demand from both brokers and consumers for a fast, frictionless and secure lending experience, and we’re proud to work with market-leading companies like LendInvest to deliver that.”
This follows news in May that LendInvest, in May, integrating global fintech leader Stripe’s digital payment services to take online valuation fee payments for buy-to-let applications.
LendInvest launched its first buy-to-let product with a digital application process in November 2017. It has since introduced a new online quotation calculator and rapid team expansion.