Online lending decision firm FIData acquired by MicroBilt

KENNESAW, Ga. – Online lending provider FIData, which has approximately 100 financial clients, 95 of which are CUs, has been acquired by MicroBilt Corp. FIData, a subsidiary of New Century Equity Holdings, cut an undetermined number of jobs in August. New Century is a holding company focused on investing in high growth, technology-based companies. It is the lead investor in bill pay firm Princeton eCom and other tech firms. New Century is also an investor in MicroBilt, the company FIData is being acquired by. FIData’s V4 Instant Loan Decision solution has become popular with mid-sized CUs. MicroBilt, a provider of credit bureau data access and retrieval, plans to enhance the product to also be used as an in-house lending solution. FIData processed about $1.1 billion in loans last year, with applications topping 100,000. It is known in the CU industry for the ability to give applicants a loan decision within 60 seconds over the Web. FIData’s solutions are delivered in ASP mode. “The attraction for us was the product, the strong customer base and it was a marketplace we wanted to be in,” said MicroBilt President Ken Hill. “We’re very excited about the opportunity. We previously targeted the credit union market through interfaces with Experian scoring models,” said Hill. MicroBilt specializes in credit bureau data access and retrieval. Over the years it has become strong in credit bureau software interfaces. For years the company’s bread and butter product was credit report terminals. That business has slowed down with the advent of the PC and fax, yet Hill said there are still about 7,000 terminals operational nationwide. Another product MicroBilt markets to CUs is CreditCommander.Com, a Web site that allows users to access credit bureaus and their products. Credit unions can use it for online lending credit approval and to provide members access to their credit reports. Hill said there are no plans as of yet to merge FIData’s lending solutions with any of MicroBilt’s solutions. [email protected]