Millennial-Focused Lending Application Lenny Announces Partnership with Dwolla and New Funding

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SANTA MONICA, Calif.–(BUSINESS WIRE)–Lenny, a pioneer microlending mobile application focused on Millennials,
announced a commercial agreement with Dwolla today, a modern bank
transfer platform and network. Leveraging Dwolla’s new white label API,
Lenny’s micro-lending platform will offer users a fully-branded
transfer, account creation, and verification experience while reducing
the costs, exposures, and time to market typically associated with
creating and supporting an in-house payment operation.

“We are very pleased to be working with Dwolla,” said Joe Bayen, CEO and
founder at Lenny. “Our goal is to provide a seamless and highly secure
platform for our users’ transactions, and Dwolla definitely meets all of
our safety and security requirements. Additionally, Dwolla’s recent
blessing from Wall Street and various government organizations, further
validates our decision.”

Lenny recently closed a seed funding round which will allow the company
to offer instant microloans to Millennials. The company plans to
initially focus on providing microloans to students by assessing their
creditworthiness using a multitude of criteria, chiefly their
educational background, with a strong focus on GPA. The company also
positions itself as a personal finance education platform, dedicated to
regularly posting credit score improvement tips and guidance on their
blog. (www.getlenny.com/blog)

“Lenny is on a great path to make it easier for college students to
start building their credit history in a responsible way,” said CEO and
founder of Dwolla, Ben Milne. “Dwolla’s end-to-end payment system allows
Lenny to put their resources behind their core business: building a
credit history for people who need one.”

Lenny is currently available at select universities with plans of
rolling out nationwide in 2016. The application will initially be
available exclusively on Apple’s iOS platform.

About Lenny – Lenny offers microloans to students using their
grade point average as a core approval criteria. Lenny also provides a
plethora of tools and guidance to help millennials improve their credit
scores. Lenny offers initial loans of up to $500 with quarterly balance
increases of up to $300. The company also offers special rates and
discounts from participating partners. Lenny is a licensed lender in the
State of California. Learn more at https://www.getlenny.com.

About Dwolla – Dwolla provides a real-time communication and
interoperability network and platform for bank transfers. Using its
real-time ledger, directory, and settlement infrastructure, the network
connects to financial institutions to move U.S. dollars through its own
instant bank transfer rails, FiSync, or existing systems, like ACH or
wire. Its branded or white label APIs allow individuals, businesses,
software platforms, financial institutions, federal agencies—anyone in
the U.S.—to simply and securely leverage Dwolla’s capabilities and the
U.S. payment system to send and receive funds, without the transaction
fees and heavy lifting of traditional systems. Dwolla has raised over
$30 million from CME Group, Andreessen Horowitz, Union Square Ventures,
et al and is based in Des Moines, Iowa. Learn more at https://www.dwolla.com.

Contacts

Lenny
Jennifer Collins, 1-855-885-3669