Funding Vocational Training Loans Fast
Q2 enables Knoma to deliver a new educational lending model.
“It would cost me hundreds of millions if I spent all my time trying to build this kind of system from scratch—and it would take years to do it. Q2 did all that for me.”
About Knoma
- Headquarters
- London, UK
- Solutions
- Q2 Lending
Challenge
Knoma had a vision to make educational loans easier
A worldwide digital transformation is impacting nearly every job sector on the planet, creating a demand to upskill the workforce to full digital literacy. Knoma had a vision to meet this need, but needed the tools to do it.
Solution
Q2 provided the infrastructure and knowledge to make the vision a reality
With Q2 Lending, Knoma quickly saw benefits from automated, end-to-end loan management; automated loan processing and decisioning; API integrations for best-in-class loan processing; a better experience for users; and the ability to scale up for future demand.
Results
Q2 Lending enabled Knoma to see:
- Real-time decisioning in under two minutes for 90 percent of applications with only 10% needing secondary review
- API integrations that allow for streamlined, accurate loan contracts
- £2 million worth of loan applications processed in its first year while attracting nearly 60 education providers
- Quick growth and increased business scale, ultimately allowing them to help more students
