Informed.IQ, a technology company used by financial institutions to instantly and accurately verify loan origination data and documents, announced the addition of veteran Engineer, Ivaylo Lenkov. Mr. Lenkov was most recently Vice President of Engineering at CDK Global and joins as Informed.IQ’s VP of Engineering, reporting to CEO Justin Wickett. Informed.IQ has become the fastest growing supplier of automation software to the auto finance industry and now counts the majority of the country’s top auto lenders as customers.
Ivaylo Lenkov is a technology pioneer, serial entrepreneur, and engineering leader with 20+ years of experience in SaaS, Cloud Computing, Security, and Mobile. Most recently, was VP Engineering at CDK Global where he ran the engineering for Fortellis, an API management platform focused on the automotive industry that democratizes the access to connected-car data, service records, appointment scheduling and dealer’s inventory for all major car brands. Before that he led the engineering team at AnchorFree – a consumer privacy/security startup which flagship app HotSpot Shield was installed on over 650M devices and ranked #1 in the Utility category of Apple App Store.
“Lenkov joins Informed.IQ at a time of exponential growth,” said Justin Wickett, CEO of Informed.IQ. “As a world-class engineer with deep team-building and scaling experience, Lenkov understands how to continually exceed the expectations of financial institutions and automobile dealers while building API-driven microservices. His experience fundraising from top venture capitalists and shipping software-as-a-service products used by millions of people makes him a tremendous asset to me and the senior leadership at Informed.IQ.”
Informed.IQ processes 125,000 loan applications every month and works with companies including Ally Financial and Westlake Financial as well as large national retailers and dealership groups. More recently, Informed.IQ has added unsecured personal lenders, student loan providers and mortgage lenders to its roster of customers. The solution has historically been used by lenders who wish to make faster, more accurate decisions and grow originations volume without adding significant headcount.
“After working on a data management platform for connected cars, I was drawn to Informed.IQ by their amazing product: An AI-driven solution to help minimize the amount of time and effort it takes for a car buyer to secure a loan. I’ve spent a lot of time building technologies to pull the car industry into the future, and Informed.IQ is transforming the way auto finance does business,” said Mr. Lenkov.
Informed.IQ’s technology goes beyond image recognition and confirmation of information within the document. The software can compare buyer data against a database of 35 million records, which allows Informed.IQ to check many data points. Some of this data can include comparing paystubs against a database of fraudulent templates, checking that the buyer’s income is comparable to others in their profession and geography as well as interpreting 401K withholdings or earned overtime, which are indications that the borrower will be a responsible lender. All of this analysis and more is done in a matter of seconds. In addition to providing real-time straight through processing capabilities, Informed.IQ enables lenders to comply with regulatory requirements and be audit-ready, since all loan processing is done in a precise and uniform way through the AI software.