Fintech lending platform, Freedom Finance, has expanded its digital capabilities with a transition to a cloud-based service.

Freedom Finance said the new platform embraces the latest technology trends such as cloud native applications, API gateway and micro-service. The platform will deliver increased speed and efficiency for borrowers and for the lenders on it’s panel.

The new platform aims to provide a foundation for future innovations and will enable the company to deliver a higher degree of personalisation for each customer. It will use tools and widgets to improve the customer experience and make it easier for customers using the platform to satisfy their borrowing needs.

The platform also uses advanced analytics capabilities to identify gaps in the market and to serve a broader range of customers. Freedom Finance hopes this will give it the opportunity to launch new products and propositions which will help all customers using the platform.

The lender believes the development of an API gateway will make the business significantly more agile and responsive to the changing needs of the lending market. Using this technology will also make all lending products available across multiple channels, including web, mobile and phone.

Last month, Freedom Finance announced its first deployment of Open Banking which, together with the launch of the new platform, will bring even more clarity for borrowers. Migration of further lending products to the new platform is scheduled to be completed this summer.

Nick Allen, chief technology officer at Freedom Finance, said: “By collaborating and consulting with our customers and our panel of lenders, we ensured that our platform developments responded to market requirements, as well as the needs of our customers. A seamless customer journey is increasingly vital, so the migration to a cloud-based service, will help strengthen and improve our offering even further.

“Technology brings a wealth of opportunity to the personal finance market. By providing lenders with sophisticated technology, alongside human touch and support, we’re giving even more customers the opportunity to make well-informed decisions. We’re focused on connecting borrowers to the right lenders by streamlining options, so tailored loans for individual circumstances can be recognised at the touch of a button.”