One of my favorite things about getting to work on WeFinance is seeing in how many different circumstances we can help people achieve better outcomes in their financial lives. When we first got going, we helped people with everything from traditional student loans to new baby expenses. In recent months, we’ve seen a relatively new type of borrower enjoy great success on our platform. These borrowers are attending short term technology education programs—primarily immersive programs prepping them for careers as web developers, designers and data scientists. These programs have a substantial upfront cost, often in the neighborhood of $15,000, but train their students for careers in a few months with astonishing success. These students are perfect fits for WeFinance: their limited credit history often leaves them out in the cold with traditional lenders, but as these programs have near-perfect placement rates into great, well-paying careers, it’s clear to those in their communities and beyond that they’re very low risk.
That’s why we’re so excited to announce new features on our fully redesigned platform that will be especially helpful for borrowers and lenders in these communities. In particular, we’ve made it vastly simpler for lenders to lend across a larger community via our new group lending pages. Lenders still get to connect with borrowers and read their stories, and view endorsements and pledges from the borrower’s immediate network. However, there’s no longer a need to ‘check out’ individually for each borrower you’d like to pledge to. Just select an amount for each borrower campaign that appeals to you, and complete one quick confirmation process.
We’ve always seen WeFinance as a many-to-many platform, where most of our lenders pledge to a large number of borrowers at whatever level they feel comfortable. As we invest more heavily in these bootcamp communities and others, we’re excited to see how enabling these additional connections empowers both borrowers and lenders personally and professionally, as well as financially.
We’ve also completely revamped our payments process, so there’s no longer a need to create any external payment accounts to use WeFinance. Simply authorize your bank once (instantaneously with your online login or via microdeposits to your account) and all payments will flow automatically between your bank account and those you transact with, with no extra steps required.
I hope you’ll spend a few minutes on our new platform and see some of the opportunities available. Of course, we’re just getting started in these communities, and we’ll have more exciting developments to announce in the coming weeks as well.