Student loan providerLendKey, based in New York City, said Dec. 4 it surpassed $500 million in loan volume 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.

LendKey, founded in 2008, has primarily provided financial institutions with lending platforms for private student loans.

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