Praxent is helping NEWITY transform from a loan purchaser and servicer to delivering a fully integrated technology platform that offers affordable loan options and back-office capabilities to small businesses, a dramatically underserved market. With Praxent’s design and development expertise, NEWITY’s user experience, functionality and integrations have all been significantly enhanced, better positioning the fintech for strong growth.
Based in Chicago and launched in 2020, NEWITY was originally founded to support small businesses through the Paycheck Protection Program (PPP) loan servicing and forgiveness process. After purchasing $11.3 billion worth of PPP loans from overburdened banks and servicing them at scale, NEWITY saw an opportunity to expand its product offerings to provide more business functionality and affordable loan options to small businesses. NEWITY quickly established partnerships and launched an online marketplace, but quickly realized the need to elevate the user experience and capabilities. NEWITY engaged Praxent to expand functionality and create a more compelling user journey.
“This project has been complex, requiring sophisticated integrations and extensive design work. Praxent not only brought deep expertise, but a holistic approach to support, from an expert development team to project managers, delivery leads and designers,” explained Bryan Hallene, Chief Operating Officer for NEWITY. “Our platform is now much more intuitive to navigate and has robust self-service options that will help set us apart. The sky is the limit when it comes to the scale that is now possible.”
Since launching the updated, fully integrated platform and borrower dashboard, the incoming support tickets related to issues with log-in, registration, password reset, business process and PPP loan services navigation have significantly decreased. NEWITY is now able to onboard new users and products more quickly, and the overall experience has a stronger look and feel. The partnership has been so successful that NEWITY is continuing to work with Praxent, releasing new feature updates every two weeks.
“There is a significant market need for more flexible and affordable lending and business services for microbusinesses and sole proprietors, and we’re proud to support NEWITY as they fill this gap,” said Tim Hamilton, CEO of Praxent. “By working with us to expand self-service options, modernize the dashboard experience and complex critical integrations, NEWITY is strongly positioned to grow both its user base and partner ecosystem.”
Austin-based Praxent is a fintech design and engineering partner to financial companies determined to lead in digital. With a unique blend of expertise in product management, user experience design, and software development, Praxent has helped more than 400 organizations launch, scale, and modernize products that win in an increasingly digital world. Visit praxent.com to learn more.