November 22, 2024
LoanStar Technologies Ranked Number 236 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™
Attributes 504% Revenue Growth to low cost of capital of depository institutions and the large appetite for embedded offerings from consumers.
Swarthmore, Pennsylvania, November 21, 2024— LoanStar Technologies today announced it ranked No. 236 on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 30th year. LoanStar Technologies grew 504% during this 3-year period.
LoanStar Technologies’ Chief Executive Officer, Andrew Turner, credits low cost of capital of depository institutions and the large appetite for embedded offerings from consumers with the company’s 504% revenue growth. He said, “Consumers want to take advantage of offers when and where they purchase – typically, those aren’t the best economics for the consumer. LoanStar can meet the consumer where they want to transact with a lending product that is fairly priced.”
“For 30 years, we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”
“Innovation, transformation, and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”
Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 153,625% over the three-year time frame, with an average growth rate of 1,981% and a median growth rate of 460%.
About the 2024 Deloitte Technology Fast 500
Now in its 30th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000 and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About LoanStar Technologies
LoanStar, established in 2015, aimed to revolutionize banking technology after recognizing a hole in the market—financial institutions preferred their branding on products and wanted control over loan underwriting and servicing. With that, LoanStar enables local banks and credit unions to compete with the larger national lenders that currently dominate the point of sale. LoanStar offers a locally branded lending solution, and toolkit called MerchantLinQ that banks can offer through merchants to consumers to instantly apply for financing for their larger purchases at lower rates than those offered by larger lenders. In addition to powering the local financial institutions to create new customers, LoanStar enables lenders to connect with customers who are traditionally underbanked or unbanked – raising awareness on financial well-being.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax, and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.
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