[Funder Mark]

So what does BOI do then in the industry?

[Chambo]

So what does BOI do then in the industry?

they are used by licensed lenders to facilitate loans

[Sean Cash]

So what does BOI do then in the industry?

OnDeck uses BOI. A lot of companies use WebBank including CAN Capital, Lending Club, and PayPal. In order for today’s technology lenders to work around outside state lending laws, they usually require a partnership with a chartered bank in order to export interest rate caps and laws. To accommodate this, BOI or WebBank technically issue the loan and then flip it to the "lender" like OnDeck or CAN.

Credit card companies do this. It's been a widespread practice for some time.