Case Study: SoLo Funds (peer-to-peer lending platform) achieves a 77% onboarding conversion rate with Plaid

SoLo Funds - Customer Case Study

SoLo Funds is a peer-to-peer lending platform that helps people solve short-term cash flow challenges without resorting to predatory options like payday loans. They struggled to onboard users because their initial bank-connection vendor supported only a small set of financial institutions, so SoLo switched to Plaid and implemented Plaid’s products (Identity, Auth, Balance, Transactions, and Assets) to enable fast, reliable bank linking.

Plaid’s integration—implemented in about a week with roughly 30 lines of code—enabled SoLo to onboard borrowers from all 11,500 US banks and credit unions, power due diligence and a SoLo Score from transaction and cash-flow data, and free up engineering resources. Since adopting Plaid, SoLo’s conversion rate nearly doubled from ~45% to 77%, they’ve acquired 100,000+ users in just over a year, and have processed more than $2 million in loans.

SoLo Funds

Jon Blackwell

Chief Product Officer