Lenders Cooperative in Mechanicsburg, Pa., and Ventures Lending Technologies in San Diego are planning to merge.
Lenders Cooperative provides integrated commercial lending platforms, while Ventures Lending Technologies provides lending technology. Financial terms were not disclosed.
“Our banking partners that leverage our commercial loan origination technology have continued to seek a modern servicing platform to deliver a true end-to-end experience from originations through servicing,” Cary Cooper, Lenders Cooperative’s CEO, said in the release. “This merger will allow us to deliver a unique solution that is highly sought out by the market – while also helping modernize and drive down the cost of servicing technology.”
The combined company will support more than 500 financial institutions.