DigiFi, an enterprise SaaS company building the future of lending technology, announced today the launch of its open-source loan origination system (LOS). The free-to-use platform, which was built over 45,000+ development hours and has been operating in-market with top lenders since late 2018, provides an end-to-end suite of modular capabilities that can be used individually or together to drive digital transformation.
“The lending technology market is old-school and anti-innovation,” said Josh Jersey, CEO of DigiFi. “We’re offering a completely different approach with the world’s first open-source LOS, which provides flexible and modern tools that empower lenders to launch unique platforms and digital experiences without needing to build the core lending capabilities from scratch.”
DigiFi’s open source release underscores the lending industry’s dissatisfaction with the closed-loop systems available from existing LOS providers, which force lenders into onerous long-term contracts for inflexible systems.
“We work with lenders that view technology as a competitive advantage,” said Brad Vanderstarren, President of DigiFi. “As lenders transition to a digital-first focus, their needs are evolving from one-size-fits-all, cookie-cutter systems to modular capabilities that support unique digital experiences. We believe an open-source platform is the ideal solution to this growing challenge.”
DigiFi’s LOS provides powerful capabilities including a lending CRM, decision engine, machine learning environment and open-API architecture, and it can be configured for deployment across a range of lending verticals including consumer, mortgage, small business and commercial. The open source platform and related documentation are available for free, and DigiFi offers optional implementation, hosting, support and custom software development services.
DigiFi is the world’s first open-source loan origination system. The company’s platform is free to use and provides powerful capabilities that lenders can leverage to build innovative platforms and drive digital transformation with significantly reduced development effort. DigiFi is based in New York City and serves the consumer, mortgage, small business and commercial lending industries.
Please visit digifi.io to learn more.