Leanpay: Enhancing User Growth and Security with Two-Factor Authentication

• Cybersecurity & Privacy - Identity & Authentication Management
• Robots - Wheeled Robots

• Consumer Goods
• Telecommunications

• Sales & Marketing

• Machine to Machine Payments
• Voice Biometrics

Leanpay, a fintech start-up based in Slovenia, was faced with the challenge of creating a secure and simple onboarding experience for new users of its financing app. The company needed to quickly establish a large and engaged user base that was primed to explore their services. As part of their go-to-market strategy, Leanpay recognized the importance of the onboarding process in making a lasting first impression on customers that would encourage positive reviews and referrals. The first step for customers during the onboarding process was downloading the Leanpay app and registering for an account, from which they could then manage and authorize transactions. Leanpay’s goal was to make creating an account for transactions hassle-free and, above all, secure.

Leanpay is a fintech start-up that facilitates point of sale installment loans for consumers across all sales channels. Retailers can integrate the solution both in-store and online to offer consumers easy, instant, and error-free loan processes and plans with high approval rates. As more retailers explore alternative payment solutions and younger consumers move away from credit card use, point of sale lending is set to surge in popularity. Based in Slovenia, LeanPay is already working with 60 retailers nationally and has plans to quickly expand into other European countries in the near future.

To ensure the onboarding process was simple and secure for customers, Leanpay decided to introduce Infobip’s two-factor authentication (2FA) solution. While Leanpay continued to produce their own one-time PINS (OTPs), Infobip’s 2FA solution helped them manage the delivery of these PINs via SMS for customers to confirm their accounts. Through 2FA, when registering on the app, a customer’s mobile phone number becomes their username. This allowed Leanpay to verify users with both their online password and mobile phone, in addition to providing an extra layer of security with a one-time PIN. Once the customer was registered, 2FA also played a crucial role in the loan process in order to verify identity and confirm transactions. The advantage of using a mobile phone for 2FA is that Leanpay app users could receive their verification PIN at any time, from a device that only they have access to – making transaction information easily available while upholding security.

• The implementation of two-factor authentication has underpinned a successful onboarding process that is both simple and safe. Infobip’s global messaging platform has ensured a scalable solution for consistent customer experience as the userbase continues to grow. Leanpay is exploring the option of adding more communication channels through Infobip in the future to make the onboarding experience even easier. This has not only enhanced the security of the platform but also improved the user experience, leading to positive reviews and referrals.

• 20% month-on-month growth in new users with an easy and secure onboarding process