50 Smartest Companies Of The Year 2018

Bringing Innovative Technology to Auto Lending: defi SOLUTIONS Credits its Rapid Growth to Engaged Employees and Awesome Clients

thesiliconreview-stephanie-alsbrooks-ceo-founder-defi-solutions-2018“We disrupted an entire industry and did something no other competitor had done”: Stephanie Alsbrooks

Software-as-a-Service (SaaS) is becoming the norm in the world of loan origination software (LOS).

SaaS-based technology eliminates the need for banks to install and run an LOS on their own hardware. Banks are no longer limited to purchasing and installing an LOS license using ‘client/server’ technology and, instead, can ‘subscribe’ to the software, which is accessible over the Internet. The bank can access the software securely via a browser, and process loan applications and verifications.

The key benefit of SaaS is that the technology partner now takes responsibility for deploying and hosting the software, enabling the vendor to constantly add value by providing and updating the hardware infrastructure and, most importantly, maintaining the LOS software and hardware for the end-user bank.

In view of the above mentioned, we are delighted to present defi SOLUTIONS – dedicated to developing SaaS-based loan origination software solutions for lenders of all sizes.

The company offers defi LOS, a loan origination platform for lenders; defi SERVICING, a loan management and servicing platform; defi ANALYTICS, a data analytics platform; defi DIRECT, an online application interface; defi DIGITAL, a service that enables transferring and receiving loan documents; and defi EXCHANGE, a web-based auto loan portfolio marketplace that allows sellers with direct access to multiple lenders and number of programs for purchasing.

In addition, it offers technical support services in the areas of third-party integration and implementation; and a mobile application that enables sales representatives in the field to access loan approval status, requests, decisions, and other loan specifics from mobile devices.

defi SOLUTIONS was incorporated in 2012 and is headquartered in Grapevine, Texas.

Proud Moment

defi SOLUTIONS is consistently ranked in the SubPrime Auto Finance News Top 100 list and was named in 2017 Dallas Morning News “Best Places to Work” and was ranked #32 on the Caruth Institute Fastest Growing companies in the Dallas Metroplex.

Interview Excerpt: Stephanie Alsbrooks, CEO/Founder

Why was the company set up? How did you select the vertical and decide to be a part of the global platform?

By 2012, I had spent most of my then-15-year career buying, modifying, building loan origination systems, and battling the technology status quo. I was continually frustrated by lack of technology available in my chosen industry. I set out on a mission to revolutionize auto lending and create a flexible loan origination system that met the unique and changing needs of lenders, no matter their size, processes, or goals.

Tell us about your first product that was launched.

I pulled together a trusted team of advisors and industry experts who worked for partial pay and partial equity and set out to create a feature rich product in only six months. The team delivered the first product, defi SOLUTIONS Loan Origination System (LOS), by the end of the year.

We are a team that values communication, works with great passion, and swings for the fences. The above statement titles our freedom playbook, the manifesto by which we work. We value transparency and open communications, within our company and with our clients and partners (our third party integration partners), to bring products and services to the marketplace.

What were the grounds on which you have expanded your company and its offerings over the years?

Our products were developed by lenders for lenders. We were lenders. We understand lenders and lending and know what we wanted and would have wanted for the future. We started our product offering in the loan origination space, the bread and butter of a lender’s businesses, and over the last 5-6 years have added digital document handling, a direct interface, a loan management and servicing system, analytics and reporting that aggregates the LOS and LMS, and an auto loan marketplace that brings together auto loan portfolio buyers and sellers.

If you have to list five factors that have been/are the biggest asset to your organization, what would they be and why?

  • Industry experience of the team.
  • A company culture that encourages communication, cooperation, creativity and calls for all to defy the status quo
  • An excellent ecosystem of partners (we can’t do great business without great partnerships)
  • An outstanding marketing team.
  • Sticking firmly with the mission to provide freedom and flexibility to lenders.

How does your company contribute to the global IT platform?

We disrupted an entire industry and did something no other competitor had done when we brought innovative technology to auto lending. And there is so much we can do and will do to remain relevant, stay in front of industry needs, keep up the latest technology trends (and set them), and continue to invest in the future of our clients and the industry.

What is a typical day in your office like?

A SaaS company never sleeps. Our teams Zoom, Slack, email, text and talk face-to-face to communicate with clarity. We meet, we decide, we change our minds, we aim for excellence and not perfection, and always assume good intentions. We work locally and remotely, or maybe both in one day. We recognize the value of and strengths in our differences and post appreciations in the appreciation channel and give one another ‘The Cup of Joy’. We prioritize relationships – with each other and our clients and partners. And we keep our eye on the goals of the company and our goals as an individual.

Where do you see your company a couple of years from now?

I see us dealing with a whole new set of exciting challenges – with double the team, double the clients, some strong partnerships or maybe even an acquisition. Further down the road, our vision is to provide a platform of technology solutions that serve all areas of the lending industry spectrum.

The Brain Behind The Operation: A Brief Background

Stephanie Alsbrooks: After working with auto lenders and experiencing first-hand the technology challenges they face, Stephanie Alsbrooks, CEO and founder of defi SOLUTIONS, put together a world-class team and created a flexible, affordable, out-of-the-box loan origination system platform of services never seen in the industry.

Ms Alsbrooks was a 2014 Dallas Business Journal “40 Under 40” honoree and was named in “Best CEOs in the Finance World Today”. She is a 2017 EY Entrepreneur of the Year Southwest Region Finalist and, most recently, was named a Fintech Woman of the Year finalist by LendIt Fintech, organizers of the world’s largest conference for financial technology innovation.

Stephanie Alsbrooks earned a Master’s degree in Business Administration from California State University

“Our vision is to provide a platform of technology solutions that serve all areas of the lending industry spectrum.”