Peach Finance, a modern loan management and servicing technology platform, this week announced an international expansion.
The California-based company is beginning its expansion with a launch in Canada.
Peach Finance is a loan management system that provides a platform configurable enough to launch nearly any lending product. With 200 variables to support for almost any asset class, Peach Finance also helps users stay up to date with evolving regulations and offers integrations with other vendors, including card issuers, origination systems, payment processors, and CRMs.
“We have already built the industry’s most flexible servicing platform—one that can support virtually any asset class and can easily adapt as lending programs, regulations and borrower preferences change,” Peach CEO Eddie Oistacher stated recently.
“Our platform was designed from day one to support country-specific constructs, making it possible for us to scale to other markets with relative ease,” he added.
Oistacher says he has assembled a team that brings “significant experience running lending programs in Canada, Australia and the UK.”
This includes a partnership with Ontario-based fintech Snaplii.
“We are very happy to be partnering with Snaplii as we begin our journey of international expansion,” Oistacher said.
“At Snaplii, we’re focused on driving the North American fintech industry forward,” stated Snaplii CEO Spencer Xu. “We’re aggressively pursuing initiatives that unlock mutual value for consumers and merchants.”
According to Xu, Snaplii offers consumers “a convenient payment system along with one-stop membership benefits, while giving merchants ways to increase loyalty and engagement.”
He says his product required a servicing platform that’s flexible and modern.
“We needed a servicing platform with robust virtual credit card functionality, as well as the flexibility to work with both open loop and closed loop constructs,” Xu explains. “With Peach, we found a partner that’s invested in our success, and that won’t be a limiting factor for us as we continue to evolve our product offerings.”
Earlier this year, Peach announced the launch of its Self-Service Portfolio Migration capability. A first of its kind in the lending industry, according to the firm, the capability streamlines the migration process and gives lenders the ability to manage migrations themselves, reducing the time, effort, risk and cost associated with migrating their existing lending portfolio.
Peach Finance was founded in Oakland in 2018 by Oistacher, Eran Sandler, and Gur Brosh. The company is actively hiring in Canada.
Snaplii was founded in Mississauga in 2021.