June 11, 2019
An ethical alternative to payday loans
Updated on October 29, 2019
SoLo Funds is a peer-to-peer lending platform that helps people solve short- term cash flow challenges without having to resort to predatory financing options like payday loans.
SoLo needed a way for users to quickly and efficiently connect their bank accounts, but the first vendor they tried wasn’t up to the task. The result was a high volume of complaints and low conversion rates. Then they switched to Plaid.
Before Plaid, SoLo’s conversion rate hovered around 45%. Since integrating with Plaid, it has nearly doubled, to 77%.