Growth Strategy for Financial Services Company
Best Egg, a consumer-lending platform, is a successful fintech provider on a mission to find better ways to make money accessible to help people achieve their goals and enjoy life. A subsidiary of Marlette Funding, the platform provides a frictionless online personal loan experience. Since March 2014, the online loan platform has delivered over $10B of prime loans with strong credit performance.
Best Egg was an early entrant in the no-asset lending space. Success attracted more and more competitors and over the last 5 years the market has matured and saturated. Having successfully executed their initial strategy, Best Egg recognized that it was time to reevaluate a new path forward and create a strategy to outperform its competitors. The company’s leadership team had significant experience in financial services but had limited bandwidth to develop a new go forward strategy. Familiar working with large management consulting firms at past organizations, they knew the value an outside perspective could bring. But as a midmarket company they also knew large consulting firms as expensive. So they sought a smaller, more affordable, high caliber firm that could tackle their project.
Best Egg engaged with Maven to help them chart a new strategy for growth. The key question was whether to focus on their core product and greatly expand the customer segments served or to expand their product offering to their core customers. Maven worked with the management team to understand the quickly evolving fintech environment, changing consumer behaviors and Best Eggs position in the market. A go forward strategy was developed which will enable Best Egg to both solidify its market position and grow.