A young entrepreneur launches a fintech start-up to target the United States

Daniel Tannenbaum, 32, worked in consumer credit for over 10 years including giant lender Wonga.com, set up the business on lockdown, took 18 months to prepare, and finally launched the company this year.

“I launched Pheabs during lockdown when I finally had the time to plan and prepare a startup of this size.”

“Finding affordable short term loans is difficult for any individual, especially those with bad credit, and I have done a lot of research on the US market including the size and regulation of the market. The size of the United States is truly remarkable and makes the United Kingdom appear small in comparison. It’s really amazing, ”he explains.

“Pheabs is software that links your application to the lender who is most likely to approve you, taking into account over 8,000 data points including your age, income, credit history, location, loan amount. ready, etc. It is a purely online business and proposition, there are no storefronts or storefronts. “

“We have partnered with over 100 lenders across the United States, including credit unions, banks, private lenders and apps. The process to register all partners and connect to them through an API was the biggest hurdle, but we finally got there and launched earlier this year.

“Pheabs.com is very technology driven. Customers can apply in less than 5 minutes and get an instant quote provisionally on screen. For smaller amounts, clients can receive funds in 15 minutes or 1 hour, although the average client is fully funded within 24 hours or the next business day.

“I drew on over 10 years of experience working with other well-known UK lenders and used those learnings when launching across the pond. The regulations in the UK are very, very strict, so the quality and level of digital marketing is very high on that side and we are quite far from the US in that regard. “

“With extensive testing in the first few months, Pheabs drew over 70,000 applications in August, or one almost every 10 seconds, the majority coming from California and Texas, with most people looking for installment loans.”

“Next year is indeed very exciting as we look to increase our volumes. But providing the customer with the best loan deals and rates is most important to us and always will be. Perfecting our underwriting process is our top priority.


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