Clutch has launched Fastlane, a real-time loan decisioning and fulfilment engine aimed at increasing the conversion rate of applications into funded loans for credit unions.
This new solution automates various stages of the lending process, including decision-making, verification, and routing, to enhance efficiency and reduce processing times.
Fastlane is part of Clutch’s broader strategy to provide credit unions with the digital tools needed to compete with fintech companies. The system employs automated decision-making based on internal data, real-time credit bureau information, and customised policies defined by credit unions.
Additionally, it integrates workflows for fraud detection, income verification, and identity checks to minimise manual underwriting efforts.
The system automates final loan processing steps, including document preparation and disbursement, routing approved loans directly into the Loan Origination System (LOS) without requiring staff involvement.
Clutch product head Tamanna Kottwani said: “Fastlane has been a critical unlock for our credit union partners. By removing the lag time between approval and funding, they’re not just speeding up decisions, they’re capturing more loans and more member value.
“The combination of speed, precision, and compliance is what sets Fastlane apart.”
Clutch claimed that early results from Fastlane partners indicate instant decision rates ranging from 76% to 100%, an increase of up to 50% in funded loans, and a reduction in manual operations by 50% to 80% per funded loan.
The company’s platform offers digital application processing solutions designed to minimise manual tasks and errors across deposit and lending products. It also features smart cross-sell engines for personalised offers and omnichannel support to aid members throughout account setup and approvals.
In January 2025, Clutch completed a Series B funding round, raising $65m led by Alkeon Capital Management with contributions from investors like Andreessen Horowitz, TruStage Ventures, and Peterson Partners.
This funding will support Clutch’s growth plans and product innovation efforts, focusing on AI advancements and expanded platform capabilities to help credit unions better serve digital-first consumers.
