Affordit

Affordit was a financial technology company founded in 2018 by Kevin O'Brien. The inspiration for the company came from O'Brien's personal experience of being denied a mortgage due to student loan debt, which highlighted for him a lack of transparency and solution-oriented thinking in the lending process. Leveraging his background in finance and big data analytics, including a role at Johnson & Johnson Global Finance, he set out to address this gap. The company operated with a B2B model, primarily serving financial institutions like credit unions.

Affordit developed a patent-pending technology designed to integrate with existing loan origination platforms. Its core function was to analyze a loan applicant's credit and overall financial data to generate actionable recommendations for improving their financial profile. This produced a detailed document, the "Affordit Solution Based Outcome™ Report," which provided clear steps for consumers to enhance their financial wellness while also helping loan officers identify the most suitable loan products. For its institutional clients, the technology aimed to increase customer retention and the number of accounts per member, thereby supporting organic growth.

In December 2020, Affordit announced a significant partnership with United Solutions Company (USC), a credit union services organization, to integrate its technology into USC's offerings for hundreds of financial institutions across the United States. Despite securing an angel funding round of $775K in January 2020 and a seed round in March 2022, the company has since ceased operations as of September 2023.

Keywords: fintech, lending technology, financial wellness, credit analysis, loan origination, credit unions, consumer lending, financial software, B2B fintech, loan applicant solutions, credit profile optimization, member retention, financial guidance, mortgage solutions, Kevin O'Brien, United Solutions Company, lending transparency, credit report analysis, financial health, out of business