Student loan provider LendKey, based in New York City, said Wednesday it has surpassed $500 million in loan volume originated and serviced on its cloud-based technology platform.

“Lenders today face significant challenges in effectively deploying their capital into the retail lending market,” said Vince Passione, LendKey's CEO.  “Surpassing $500 million in loans originated through our platform is a testament to the demand that lenders have for this solution.”

LendKey, founded in 2008, has primarily provided financial institutions, including credit unions, with lending platforms for private student loans and private student loan consolidations. 

The company said it currently offers student lending infrastructure to more than 260 financial institutions as both a technology and business process-outsourcing provider, which includes marketing and demand generation support in addition to loan origination and servicing.

“We're excited to continue to help lenders solve this problem through student lending, as well as many other potential asset classes down the road,” Passione said.