Plan designed to boost growth for both businesses
Online home loan marketplace Joust has partnered with personal loan platform Lendela in a deal designed to grow both businesses.
Joust CEO Carl Hammerschmidt (pictured above) said there was a lot of synergy between the Joust and Lendela platforms and the partnership would simplify the lending process for borrowers.
Hammerschmidt said the companies’ brands and ownerships remain unchanged.
The partnership announcement comes during a challenging period for Joust. MPA revealed on September 12, that Joust had plans to engage in a sale process and restructure its sales function as it streamline its operations and tries to ensure its ongoing viability.
As part of its restructuring efforts, Joust confirmed this would include the loss of some of its key BDMs to “create a leaner, more agile organisation”.
Hammerschmidt said the impetus behind Joust’s partnership with Lendela stemmed from a deliberate strategy that Joust had employed over the past few years, involving collaborations with various financial sector enterprises.
“This approach was aimed at expanding our consumer base, while also exploring opportunities in related verticals,” he said.
Hammerschmidt said given the “striking similarities” in the platforms of both Joust and Lendela, this partnership presented a strategically sound move.
“Primarily, the catalyst for this partnership was a shared dedication to enhancing the overall lending experience for customers. The overarching objective was to provide borrowers with an extended spectrum of loan options, moving beyond the confines of home loans.”
Hammerschmidt said securing a loan could be a complex journey filled with challenges.
“Individuals grapple with the daunting task of sifting through loan options, deciphering interest rates, and navigating the intricacies of the application process.”
He said the partnership would address some of the common hurdles people encountered by simplifying the loan process and giving borrowers access to a wider pool of lending institutions and experts.
“Borrowers can tap into the knowledge and insights of professionals who understand the nuances of the lending landscape. This guidance empowers individuals to make well-informed decisions, ensuring they select the most suitable loan option tailored to their unique financial circumstances. “
In April 2022, Joust announced a new process to attract brokers, adding a new supplier sign-up portal to its website.
The following month, it launched 'Instant Match', a subscription service using customer information to identify the top three home loans and lenders and brokers suited to their needs.
