Marlette Funding, LLC, developer and operator of the consumer-lending online platformforBest Egg personal loans,announced that for the second consecutive year, the company achieved generally accepted accounting principles profit in the double-digit millions with an estimated profit increase of 79 percent year over year.
The privatelyheld company did not release specific financial figures.
The fourth quarter marked the seventh straight quarter that net income has been positive on a GAAP basis. Loan volume increased 27 percent year over year and Best Egg rose above $7 billion in cumulative originations before the close of 2018.
“I am very pleased with the company’s differentiated 2018 performance that created significant value for all the key stakeholders across our franchise,” said Jeffrey Meiler, CEO and founder of Marlette Funding. “We’ve been focused on creating a resilient personal loan services business where customers, loan investors, equity investors, our employees and the local community all share in the value created.”
Other highlights of company performance included a flat customer acquisition cost year over year and nearly a 10 percent decrease in servicing costs. The company took note of advances in the technology platform.
Additionally, Best Egg introduced new loan terms and the company deployed enhancements such as a revamped self-servicing site and a new customer relationship management tool that speeds the time to resolve customer issues.
Best Egg loans delivered industry-leading risk-based returns to whole loan buyers and strong investor demand provided stable funding for the business.
The company announced the largest securitizations of loans in its history, a total of $1.7 billion in balances securitized over 2018.
In 2018, its employee engagement score ranked in the top 10 percent of thousands of companies, usingOfficeVibe, a leading employee engagement platform.
This year Marlette was recognized by theAmerican Banker as one of the Top Fintech Places to Work.
The company expects to continue to grow this year, In November 2018, Marlette Funding received the OK for a $2.73 million grant from the for the creation of 232 new jobs in Delaware before the end of 2022. Currently, Marlette has 30 open positions. Click on headline below for earlier story.
Among the operational plans for 2019, the company will deliver its fifth generation of credit models, convert to a new loan servicing platform, and add new lending products that will enable the company to offer higher lines and longer loan terms. New employee engagement initiatives and facility expansion to handle growth are two of the top objectives.
“Entering 2019, our robust and balanced performance sets the stage for continued growth and product expansion,” said Meiler. “As you would expect, we closely monitor all conditions that may impact the business but remain optimistic that we can continue to expand our business at pace and deliver an industry-leading value proposition to all key stakeholders.”