Auto Loan

Ivaylo Lenkov joins Informed.IQ as Vice President of Engineering

Ivaylo Lenkov joins Informed.IQ as Vice President of Engineering

“After working on a data management platform for connected cars, I was drawn to Informed.IQ by their amazing product: an AI-powered solution to help minimize the time and effort needed to a car buyer to get a loan.” -Ivaylo Lenkov, Vice President of Engineering

Informed.IQ, a technology company used by financial institutions to instantly and accurately verify loan origination data and documents, announced the addition of senior engineer Ivaylo Lenkov. Mr. Lenkov was most recently vice president of engineering at CDK Global and joins as vice president of engineering of Informed.IQ, reporting to CEO Justin Wickett. Informed.IQ has become the fastest growing automation software provider for the auto finance industry and now counts the majority of the nation’s major auto lenders among its customers.

Ivaylo Lenkov is a technology pioneer, serial entrepreneur and engineering leader with over 20 years of experience in SaaS, Cloud Computing, Security and Mobile. Most recently, he was Vice President of Engineering at CDK Global, where he led engineering for Fortellis, an automotive industry-focused API management platform that democratizes access to connected car data. , service records, appointment scheduling and dealer inventory for all major automotive brands. Previously, he led the engineering team at AnchorFree, a consumer privacy and security startup whose flagship HotSpot Shield app has been installed on more than 650 million devices and ranked #1. 1 in the Utility category of the 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 experience building teams and scaling, Lenkov knows how to continually exceed the expectations of financial institutions and car dealerships while building microservices based on API His experience raising funds from top venture capitalists and delivering software-as-a-service products used by millions of people makes him a tremendous asset to me and Informed’s senior management. IQ.

Informed.IQ processes 125,000 loan applications each month and works with companies such as Ally Financial and Westlake Financial, as well as major national retailers and dealer groups. More recently, Informed.IQ added unsecured personal lenders, student loan providers, and mortgage lenders to its list of clients. The solution has historically been used by lenders who want to make faster, more accurate decisions and increase origination 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-powered solution to help minimize the time and effort needed to a car buyer to get a loan. I’ve spent a lot of time developing technologies to propel the auto industry into the future, and Informed.IQ is transforming the way auto finance does business,” said Ms. Lenkov.

Informed.IQ’s technology goes beyond image recognition and confirmation of information contained in the document. The software can compare buyer data against a database of 35 million records, allowing Informed.IQ to verify many data points. Some of this data may include comparing pay stubs with a database of fraudulent patterns, verifying that the buyer’s income is comparable to others in their occupation and geography, and interpreting deductions 401K or overtime earned, which indicates the borrower will be a responsible lender. . All of these analyzes and more are done in 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 performed accurately and consistently through the AI software.

About Informed.IQ:

San Francisco-based Informed.IQ uses machine learning and artificial intelligence technologies to instantly verify income, assets, residency, insurance, and other consumer data points, enabling decisions real-time and more reliable credit, better compliant with fair lending laws. Informed.IQ’s machine learning models are trained to process hundreds of different document types and data sources authorized by consumers, thereby automating the authorization of stipulations for lenders. In 2020, Informed.IQ processed nearly one million consumer credit applications for several major U.S. lenders, automating over $91 billion in loans to date. Informed.IQ’s AI automates verifications with 99% accuracy in seconds without human intervention in the loop. Originally focused on auto loans, where five of the top ten auto lenders use Informed.IQ, financial institutions are now using Informed.IQ’s technology to help offer mortgages, credit cards, and automated bank account openings to their customers. Informed.IQ was founded in 2016 and raised $20 million in the spring of 2021 from notable investors including Nyca Partners and US Venture Partners, among others.

Share the article on social networks or by e-mail: