Personal financial management app My LendingTree has rapidly gained users since its launch earlier this year.
LendingTree CEO Doug Lebda said on the company’s earnings call last week that My LendingTree had nearly 1 million users. Lebda discussed the site at Bank Innovation 2015 in early March, saying the final touches were being put on the site, which uses a “brain” to recommend ways users can pay down debt and improve their financial lives. An iOS app for the service was released April 29.
Apparently, the process went smoothly, since Lebda described the product as continuing to grow and already bringing in money.
On My LendingTree, the next million — the beauty of My LendingTree is that we’ve seen it just continue to accelerate. Each 100, 1,000 users is coming faster than the last 100, 1,000 users and now the paid marketing is starting to work out. So given the monetization that we’ve seen on that product and given how smart alerts are now, we can dial up the paid marketing is profitable for us, and we’ll do it.
Lebda said marketing for My LendingTree would be ramped up, possibly including TV spots, and described other functionality being implemented for the service.
We just recently added functionality to drive real-time, market-based awards to consumers for [whom it] makes sense to refinance their existing mortgages or personal loans.
In the next 30 to 60 days, we anticipate rolling out that functionality for the auto loan and credit card categories. Also noteworthy, an alpha version of our My LendingTree app for iPhone is now available in the App Store.
Just last week, we released a personal loan rate table experience on our website, which enables consumers to compare us and shop for personal loans without even filling out a form.
LendingTree (NASDAQ: TREE) posted record revenue in both the personal loan and mortgage spaces. Total revenue grew 27% on the quarter to $50.9 million.