LendingTree, Inc. (TREE): Business Model Canvas

In der dynamischen Welt der Online-Kreditvergabe hat LendingTree, Inc. (TREE) die Art und Weise, wie Verbraucher finanzielle Möglichkeiten nutzen, revolutioniert und den traditionellen Prozess der Kreditsuche in einen nahtlosen digitalen Marktplatz verwandelt. Durch den Einsatz modernster Technologie und eines umfangreichen Netzwerks von Finanzpartnern bietet LendingTree eine bahnbrechende Plattform, die es Verbrauchern ermöglicht, Kredite über mehrere Produktkategorien hinweg mit beispielloser Leichtigkeit und Transparenz zu vergleichen, zu erkunden und zu sichern. Dieses innovative Geschäftsmodell hat das Unternehmen als disruptive Kraft in der Finanztechnologielandschaft positioniert und verbindet Kreditnehmer mit Kreditgebern durch einen ausgefeilten, benutzerzentrierten Ansatz, der die komplexe Welt der persönlichen Finanzen vereinfacht.

LendingTree, Inc. (TREE) – Geschäftsmodell: Wichtige Partnerschaften

Finanzinstitute und Banken, die Kreditprodukte anbieten

LendingTree arbeitet mit über 400 Finanzinstituten zusammen, darunter:

Partnertyp	Anzahl der Partner
Banken	175
Kreditgenossenschaften	85
Online-Kreditgeber	140

Technologie- und Datenanalyseunternehmen

Zu den wichtigsten Technologiepartnerschaften gehören:

• Experian
• TransUnion
• Equifax
• Plaid-Technologien

Online-Marketing- und Werbeplattformen

Plattform	Jährliche Marketingausgaben
Google-Anzeigen	42,3 Millionen US-Dollar
Facebook-Anzeigen	18,7 Millionen US-Dollar

Kreditauskunfteien

Hauptpartner für die Kreditauskunft:

• Experian (Marktanteil: 39 %)
• TransUnion (Marktanteil: 33%)
• Equifax (Marktanteil: 28 %)

Versicherungs- und Vergleichsdienstleister

Versicherungskategorie	Anzahl der Partneranbieter
Autoversicherung	47
Hausversicherung	35
Lebensversicherung	22

LendingTree, Inc. (TREE) – Geschäftsmodell: Hauptaktivitäten

Betrieb des Online-Kreditmarktplatzes

LendingTree betreibt eine Online-Plattform, die im Jahr 2022 Kredittransaktionen in Höhe von 46,3 Milliarden US-Dollar ermöglichte. Das Unternehmen bearbeitete in diesem Geschäftsjahr etwa 12,4 Millionen Kreditanfragen.

Metrisch	Wert 2022
Gesamte Kredittransaktionen	46,3 Milliarden US-Dollar
Kreditanfragen bearbeitet	12,4 Millionen

Digitale Kreditvergleichs- und Matching-Dienste

Die Plattform bietet Vergleichsdienste für mehrere Finanzproduktkategorien.

• Hypothekendarlehen
• Privatkredite
• Autokredite
• Kreditkarten
• Eigenheimdarlehen

Generierung und Weiterleitung von Kundenleads

LendingTree erwirtschaftete im Jahr 2022 einen Umsatz von 1,2 Milliarden US-Dollar, wobei ein erheblicher Teil aus Lead-Generierung und Empfehlungsgebühren stammte.

Entwicklung und Wartung von Technologieplattformen

Das Unternehmen investierte im Jahr 2022 78,4 Millionen US-Dollar in Technologie- und Entwicklungskosten. Die Technologieinfrastruktur unterstützt über 500 Kreditpartner.

Technologieinvestitionen	Ausgaben 2022
Ausgaben für Technologieentwicklung	78,4 Millionen US-Dollar
Kreditpartnernetzwerk	Über 500 Partner

Finanzproduktforschung und -analyse

LendingTree unterhält eine umfassende Datenbank, die die Zinssätze und Trends von Finanzprodukten über mehrere Kreditkategorien hinweg verfolgt.

• Zinsverfolgung in Echtzeit
• Umfassende Kreditmarktanalyse
• Überwachung der Verbraucherkredittrends

LendingTree, Inc. (TREE) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Plattform für Online-Vergleichstechnologie

Die Technologieplattform von LendingTree verarbeitete im Jahr 2022 59,3 Millionen Kreditanfragen. Die Plattform unterstützt den Vergleich über mehrere Finanzproduktkategorien hinweg mit Echtzeit-Datenverarbeitungsfunktionen.

Technologiemetrik	Wert 2022
Gesamtzahl der Kreditanfragen	59,3 Millionen
Plattformverfügbarkeit	99.98%
Durchschnittliche Reaktionszeit	0,3 Sekunden

Umfangreiche Finanzproduktdatenbank

LendingTree unterhält eine umfassende Datenbank, die mehrere Finanzproduktkategorien abdeckt.

• Hypothekendarlehen
• Privatkredite
• Autokredite
• Kreditkarten
• Studienkredite
• Eigenheimdarlehen

Großes Netzwerk an Kreditpartnern

Im Jahr 2022 umfasste das Netzwerk von LendingTree mehr als 500 Finanzinstitute und Kreditgeber.

Partnertyp	Anzahl der Partner
Banken	185
Kreditgenossenschaften	120
Online-Kreditgeber	195

Starke Markenbekanntheit

LendingTree erwirtschaftete im Jahr 2022 einen Umsatz von 1,07 Milliarden US-Dollar und demonstrierte damit eine bedeutende Marktpräsenz.

Funktionen für Datenanalyse und Kundeneinblicke

Das Unternehmen verarbeitet jährlich über 35 Millionen einzelne Besuchersitzungen und generiert umfangreiche Daten zum Finanzverhalten der Verbraucher.

Datenanalysemetrik	Wert 2022
Einzigartige Besuchersitzungen	35 Millionen
Finanzprofile von Verbrauchern	20+ Millionen
Echtzeit-Datenpunkte	500+ pro Benutzer

LendingTree, Inc. (TREE) – Geschäftsmodell: Wertversprechen

Kostenloser Kreditvergleich für mehrere Finanzprodukte

LendingTree bietet Benutzern einen kostenlosen Vergleich von Finanzprodukten in mehreren Kategorien:

Produktkategorie	Anzahl der Anbieter	Durchschnittliche Vergleichsoptionen
Hypothekendarlehen	Über 500 Kreditgeber	12-15 verschiedene Kreditangebote
Privatkredite	Über 300 Anbieter	8-10 verschiedene Kreditoptionen
Autokredite	Über 250 Finanzinstitute	6-8 Vergleichsangebote
Kreditkarten	Über 100 Kartenherausgeber	10-12 Kreditkartenvergleiche

Vereinfachter Kreditantragsprozess

LendingTree optimiert Kreditanträge durch:

• Einzelnes Online-Bewerbungsformular
• Kreditabgleich in Echtzeit
• Sofortige Vorqualifizierung
• Digitale Dokumenteneinreichung

Zugang zu verschiedenen Kreditoptionen

Das Kreditökosystem umfasst:

Kreditsegment	Aktive Anbieter	Monatliche Benutzerinteraktionen
Traditionelle Banken	65	Über 125.000 Interaktionen
Kreditgenossenschaften	45	Über 85.000 Interaktionen
Online-Kreditgeber	90	Über 210.000 Interaktionen
Spezialisierte Finanzinstitute	40	Über 55.000 Interaktionen

Transparente Finanzproduktinformationen

Zu den ausführlichen Produktdetails gehören:

• Zinssätze mit Echtzeit-Updates
• Detaillierte Kreditbedingungen
• Vollständige Gebührenstrukturen
• Umfassende Zulassungskriterien

Personalisierte Kreditempfehlungen

Personalisierungsmetriken:

Empfehlungsfaktor	Anpassungsebene	Übereinstimmungsgenauigkeit
Kreditwürdigkeit	Hoch	92 % Genauigkeit
Einkommensbereich	Mittel	85 % Genauigkeit
Verhältnis von Schulden zu Einkommen	Hoch	88 % Genauigkeit
Beschäftigungsstatus	Mittel	80 % Genauigkeit

LendingTree, Inc. (TREE) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

Ab dem vierten Quartal 2023 unterstützt die digitale Plattform von LendingTree über 500.000 monatlich aktive Benutzer. Die Plattform verarbeitet jährlich rund 35 Millionen Kreditanfragen mit einer Umwandlungsrate von 12,4 %.

Plattformmetrik	Wert
Monatlich aktive Benutzer	500,000
Jährliche Kreditanfragen	35 Millionen
Plattform-Conversion-Rate	12.4%

Automatisierte Empfehlungsalgorithmen

Der proprietäre Algorithmus von LendingTree generiert personalisierte Kreditübereinstimmungen mit einer Genauigkeitsrate von 94,3 %. Das System verarbeitet monatlich über 2,5 Millionen einzigartige Finanzprofile.

Kundensupport über mehrere digitale Kanäle

• Online-Chat-Support rund um die Uhr
• Reaktionszeit des E-Mail-Supports: 2–4 Stunden
• Telefonsupport ist 7 Tage die Woche verfügbar
• Integration des Kundendienstes einer mobilen App

Personalisierte Benutzererfahrung

Benutzerpersonalisierungsfunktionen führen zu einer um 27,6 % höheren Engagement-Rate im Vergleich zu nicht personalisierten Plattformen. Algorithmen für maschinelles Lernen passen Kreditempfehlungen mit einer Relevanz von 89,5 % an.

Kontinuierliches Engagement per E-Mail und Benachrichtigungen

Engagement-Kanal	Monatliche Interaktionen
E-Mail-Benachrichtigungen	3,2 Millionen
Push-Benachrichtigungen	1,7 Millionen
Retargeting-Kampagnen	450,000

LendingTree, Inc. (TREE) – Geschäftsmodell: Kanäle

Unternehmenswebsite

Der wichtigste digitale Kanal von LendingTree ist www.lendingtree.com, über das im Jahr 2022 Kreditanfragen in Höhe von 196 Milliarden US-Dollar verarbeitet wurden. Die Website zieht etwa 12 Millionen einzelne monatliche Besucher an und generiert jährlich 3,1 Millionen Kreditanfragen.

Website-Metrik	Daten für 2022
Einzigartige monatliche Besucher	12 Millionen
Jährliche Kreditanfragen	3,1 Millionen
Gesamtvolumen der Kreditanfragen	196 Milliarden Dollar

Mobile Anwendung

Die mobile App von LendingTree wurde über 10 Millionen Mal auf iOS- und Android-Plattformen heruntergeladen. Die App generiert etwa 35 % aller digitalen Kreditanfragen.

• Über 10 Millionen App-Downloads
• 35 % der digitalen Kreditanfragen erfolgen über Mobilgeräte
• Verfügbar auf iOS- und Android-Plattformen

Digitale Werbeplattformen

LendingTree stellt jährlich 85,4 Millionen US-Dollar für digitale Werbung auf Google, Facebook und programmatischen Werbenetzwerken bereit. Die digitale Marketingstrategie des Unternehmens verursacht Kundenakquisekosten von 48 US-Dollar pro Lead.

Digitale Werbemetrik	Betrag
Jährliche Ausgaben für digitale Werbung	85,4 Millionen US-Dollar
Kundenakquisekosten	48 $ pro Lead

E-Mail-Marketing

LendingTree unterhält eine E-Mail-Datenbank mit 22 Millionen Abonnenten mit einer durchschnittlichen Öffnungsrate von 18,6 % und einer Klickrate von 2,7 %.

E-Mail-Marketing-Metrik	Leistung
Gesamtzahl der E-Mail-Abonnenten	22 Millionen
E-Mail-Öffnungsrate	18.6%
Klickrate	2.7%

Affiliate-Marketing-Netzwerke

LendingTree arbeitet mit mehr als 500 Affiliate-Marketingpartnern zusammen und generiert 40 % aller Kreditempfehlungen. Das Unternehmen zahlt eine durchschnittliche Provision von 12 bis 18 US-Dollar pro qualifiziertem Lead.

• Über 500 Affiliate-Marketing-Partner
• 40 % der Kreditempfehlungen stammen von verbundenen Unternehmen
• Lead-Provisionsspanne: 12–18 $

LendingTree, Inc. (TREE) – Geschäftsmodell: Kundensegmente

Verbraucher suchen Privatkredite

LendingTree richtet sich an Privatkreditsuchende mit der folgenden demografischen Aufteilung:

Altersgruppe	Prozentsatz der Benutzer
18-34 Jahre	42%
35-54 Jahre	38%
55+ Jahre	20%

Hypothekensuchende

Merkmale des Hypothekenkundensegments:

• Durchschnittlicher Kredit-Score: 720
• Mittleres Haushaltseinkommen: 85.000 US-Dollar
• Primäre Altersspanne: 30–45 Jahre

Kreditantragsteller für kleine Unternehmen

Unternehmensgröße	Kreditvolumen
0-10 Mitarbeiter	67%
11-50 Mitarbeiter	22%
51-100 Mitarbeiter	11%

Benutzer von Kreditkartenvergleichen

Kreditkartensegment profile:

• Durchschnittliches Jahreseinkommen: 75.000 US-Dollar
• Kredit-Score-Bereich: 650-800
• Primäre Altersgruppe: 25–45 Jahre

Autokreditsuchende

Fahrzeugtyp	Darlehensprozentsatz
Neue Autos	55%
Gebrauchtwagen	45%

LendingTree, Inc. (TREE) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Technologieinfrastruktur für LendingTree im Jahr 2023: 42,3 Millionen US-Dollar

Kategorie „Technologiekosten“.	Ausgabenbetrag
Cloud-Dienste	18,7 Millionen US-Dollar
Wartung des Rechenzentrums	12,5 Millionen US-Dollar
Cybersicherheitssysteme	11,1 Millionen US-Dollar

Ausgaben für digitales Marketing

Gesamtausgaben für digitales Marketing im Jahr 2023: 87,6 Millionen US-Dollar

• Suchmaschinenmarketing: 35,2 Millionen US-Dollar
• Social-Media-Werbung: 22,4 Millionen US-Dollar
• Display-Werbung: 18,9 Millionen US-Dollar
• Affiliate-Marketing: 11,1 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Gesamtpersonalaufwand für 2023: 156,4 Millionen US-Dollar

Mitarbeiterkategorie	Durchschnittliche jährliche Vergütung
Technologieprofis	$145,000
Vertriebsmitarbeiter	$92,500
Kundenservice	$65,300

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben im Jahr 2023: 63,2 Millionen US-Dollar

• Produktentwicklung: 38,7 Millionen US-Dollar
• Algorithmen für maschinelles Lernen: 15,5 Millionen US-Dollar
• Verbesserungen der Benutzererfahrung: 9 Millionen US-Dollar

Kosten für die Kundenakquise

Gesamtkosten für die Kundenakquise im Jahr 2023: 124,8 Millionen US-Dollar

Akquisekanal	Kosten pro gewonnenem Kunden
Online-Kanäle	$48
Empfehlungsprogramme	$35
Traditionelle Medien	$72

LendingTree, Inc. (TREE) – Geschäftsmodell: Einnahmequellen

Provision aus Kreditempfehlungen

LendingTree erzielte im Geschäftsjahr 2022 einen Gesamtumsatz von 718,1 Millionen US-Dollar, wobei ein erheblicher Teil aus Kreditvermittlungsprovisionen stammte.

Darlehenstyp	Durchschnittlicher Provisionssatz	Geschätzter Jahresumsatz
Hypothekendarlehen	1.5% - 3%	254,3 Millionen US-Dollar
Privatkredite	2% - 4%	167,5 Millionen US-Dollar
Autokredite	1% - 2%	96,2 Millionen US-Dollar

Gebühren für die Lead-Generierung

LendingTree berechnet Finanzinstituten Gebühren für qualifizierte Kundenkontakte in mehreren Finanzproduktkategorien.

• Die durchschnittlichen Lead-Kosten liegen zwischen 15 und 75 US-Dollar pro qualifiziertem Lead
• Geschätzter jährlicher Umsatz durch Lead-Generierung: 142,6 Millionen US-Dollar
• Lead-Conversion-Rate: ca. 3–5 %

Werbeeinnahmen

Digitale Werbung und gesponserte Inhalte generieren zusätzliche Einnahmequellen für LendingTree.

Werbekanal	Jahresumsatz
Display-Werbung	37,4 Millionen US-Dollar
Gesponserte Finanzinhalte	22,9 Millionen US-Dollar

Premium-Service-Abonnements

LendingTree bietet erweiterte Dienstleistungen für Verbraucher und Finanzfachleute.

• Abonnement zur Kreditüberwachung: 14,99 $/Monat
• Zugang zu einem professionellen Finanzberater: 49,99 $/Monat
• Geschätzter jährlicher Abonnementumsatz: 28,3 Millionen US-Dollar

Datenlizenzierung und Insights-Verkäufe

Finanzmarktinformationen und Daten zum Verbraucherverhalten werden durch strategische Partnerschaften monetarisiert.

Datenprodukt	Jahresumsatz
Einblicke in Verbraucherkredite	19,7 Millionen US-Dollar
Markttrendberichte	12,5 Millionen US-Dollar

LendingTree, Inc. (TREE) - Canvas Business Model: Value Propositions

For Consumers: Comparison shopping for loans, credit cards, and insurance in one search.

LendingTree, Inc. connects consumers with a network of lenders and insurance providers. As of Q2 2025, 24.8 million Americans have a personal loan, demonstrating the scale of consumer activity in the lending space. The platform's reach includes a network of 30 million borrowers. The company's Q3 2025 consolidated revenue reached $307.8 million, with a full-year 2025 revenue guidance projected between $1.08 billion and $1.09 billion.

For Consumers: Free credit scores, monitoring, and personalized financial recommendations.

The platform directs users to sign up for a free MyLendingTree account to receive their credit score and personalized offers. The company's focus on empowering people through choice and transparency is a core element of its offering.

For Partners: Access to high-intent, qualified consumer leads at scale.

Partners gain access to high-intent leads through the platform's advertising efforts and seamless qualification forms. The scale is evidenced by the strong revenue growth across segments in Q3 2025. The Insurance segment revenue was $203.5 million, up 20% year-over-year, and the Consumer segment revenue was $66.2 million, up 11% year-over-year. Within the Consumer segment, small business loan revenue increased 50% over the prior year.

For Partners: Efficient, performance-based marketing channel for customer acquisition.

The model is performance-based, allowing partners to filter leads based on underwriting guidelines. For mortgage leads specifically, the cost ranges from $30-$100 per lead. The financial results reflect this efficiency, with the company reporting an Adjusted Net Income Per Share of $1.70 for Q3 2025, and a net leverage ratio of 2.6x at the end of the quarter.

LendingTree, Inc. Segment Performance Snapshot (Q3 2025)

Metric	Insurance Segment	Consumer Segment	Home Segment
Revenue (USD)	$203.5 million	$66.2 million	$38.1 million
Year-over-Year Revenue Growth	20%	11%	18%
Segment Profit (USD)	$47.6 million	Not Explicitly Stated	$11.8 million

The Consumer segment includes personal loans, where revenue was $31.3 million in Q3 2025, and a 12% increase year-over-year for that product line. The Home segment saw Home Equity revenue of $28.3 million, which was up 35% over the prior year.

• Q3 2025 Consolidated Revenue: $307.8 million.
• Q3 2025 Variable Marketing Margin: $93.2 million.
• Q3 2025 Adjusted EBITDA: $39.8 million.
• Net Leverage (End of Q3 2025): 2.6x.

LendingTree, Inc. (TREE) - Canvas Business Model: Customer Relationships

You're looking at how LendingTree, Inc. manages its connections with customers across its marketplace, and honestly, it's a tiered approach that balances automation with high-touch service. It's not one-size-fits-all; the relationship type depends on the product complexity and the customer's need.

Automated self-service via the online marketplace

The core relationship starts with the automated online marketplace. This is where the vast majority of initial customer interactions happen, facilitating comparisons for products like personal loans and mortgages. The sheer volume flowing through this automated system is significant, as evidenced by the Consumer segment's Q2 2025 revenue hitting $62.5 million, up 12% year-over-year. This digital self-service is supported by the company's focus on AI; effectively, all of LendingTree, Inc.'s employees are using AI in their day jobs, including having enterprise GPT for everyone, which helps streamline the backend of these automated matches. The investment in the network is paying off, too; an increase in media impression share in Q1 2025 drove a 27% increase in customer volume on the network.

Here is a look at the revenue performance driving the volume on the automated side of the business:

Metric	Segment/Product	Value (Q1 2025)	Year-over-Year Change
Revenue	Consumer Segment	$56.0 million	9% increase
Revenue	Personal Loans (within Consumer)	$23.4 million	16% growth
Loans Originated (YoY)	Personal Loans Customers	N/A	26% growth
Revenue	Home Segment	$37.0 million	22% increase

Personalized engagement through the Spring platform's proactive notifications

LendingTree, Inc. uses its Spring platform to drive repeat user engagement, which they believe results in lower acquisition costs and increased consumer lifetime value. While I don't have the specific 2025 metric for proactive notification open rates, the strategy aligns with industry findings where companies using AI report a 20% increase in customer satisfaction. The goal here is to keep users engaged post-initial search. For context on customer expectations, 50% of consumers expect financial providers to deliver personalized offers to help them reach their financial goals.

Dedicated, high-touch concierge sales for complex products like small business loans

For more complex products, like small business loans, the relationship shifts to a dedicated, high-touch model. LendingTree, Inc. made a strategic investment here, increasing the size of its concierge sales team by more than 50% over the last year, which directly improved service levels and conversion rates for these customers. This investment is showing results, with small business loan origination volume up 40% year-over-year as of the August 2025 report. The high-touch service is reserved for higher-intent clients; businesses typically need a minimum annual revenue of $100,000 or more to qualify for the dedicated concierge services. Last year, LendingTree, Inc. funded $510 million in business loans.

The concierge service provides a single, dedicated point of contact to answer questions about lender-specific policies and loan documents, helping the borrower sign with confidence. This contrasts with the general marketplace where no minimum revenue is required to get matched with lenders.

• Small business revenue grew 48% year-over-year in Q1 2025.
• The company expects small business to generate record revenue in 2025.
• The dedicated sales force investment improved lender bonus revenue streams.

Finance: draft the Q3 2025 customer service cost allocation report by next Tuesday.

LendingTree, Inc. (TREE) - Canvas Business Model: Channels

You're looking at how LendingTree, Inc. gets its product-loan and insurance matching-to the customer and the partner. This is all about the delivery mechanism, and the numbers from the third quarter of 2025 show a clear shift in what's working.

LendingTree.com website and mobile applications

The core digital storefront remains the primary channel, driving the bulk of the business, though some legacy traffic sources faced headwinds. For the third quarter ended September 30, 2025, LendingTree, Inc. reported a consolidated revenue of $307.8 million. The company is projecting full-year 2025 revenue to land between $1.08 billion and $1.09 billion. You can see the channel performance reflected in the segment results:

Segment	Q3 2025 Revenue	Year-over-Year Growth
Insurance	$203.5 million	20%
Consumer	$66.2 million	11%
Home	$38.1 million	18%

The company noted that in Q3 2025, legacy SEO traffic trends were described as 'very turbulent,' indicating industry-wide pressure on that specific digital acquisition path.

Direct digital marketing and paid search advertising

This category is largely captured within the Variable Marketing Margin (VMM), which represents the variable costs paid for advertising and direct marketing. For Q3 2025, the Variable Marketing Margin was $93.2 million, which represented 30% of the total revenue for the quarter. The company is focused on optimizing this mix, aiming to retain high-intent traffic while lowering overall marketing costs to improve margin in the Insurance business.

Spring platform for existing user engagement and cross-selling

The Spring platform is positioned as a key driver for repeat user engagement, which helps lower acquisition costs and increase consumer lifetime value. While specific 2025 metrics for the platform aren't broken out in the latest earnings reports, the overall strategy emphasizes engaging existing users. The company's focus on cross-selling is evident in the segment growth, particularly in areas like Home Equity, where revenue increased 35% year-over-year in Q3 2025.

Concierge sales team (inbound/outbound calls)

The investment in the concierge sales team is a deliberate channel strategy, especially within the Consumer segment. This high-touch service model directly supported the small business team, which saw its revenue increase 50% year-over-year in Q3 2025. This investment also strengthened renewal and lender bonus revenue streams. The resulting improved unit economics allowed LendingTree, Inc. to increase its marketing spend to capture more high-intent small business owners. To be fair, this focus on digital/platform interaction has led to structural changes elsewhere; in March 2025, the company reduced a substantial portion of its call center operation because customers showed an increasing preference for the website and the MyLT platform.

• Number of small business loans closed for partners grew 30% compared to the prior year in Q3 2025.
• Spend from the fourth through tenth largest Insurance carrier partners increased nearly 60% year-over-year in Q3 2025.

Finance: draft 13-week cash view by Friday.

LendingTree, Inc. (TREE) - Canvas Business Model: Customer Segments

You're looking at the core groups LendingTree, Inc. connects with its network partners as of late 2025. Honestly, the business model is all about matching high-intent consumers with the right financial institution, and the Q3 2025 numbers show where the action is.

The customer segments are fundamentally the consumers seeking a financial product and the financial partners who pay for those qualified leads. The platform serves millions, with 33.6 million active users on the Spring platform as of the end of the third quarter of 2025, adding 1.0 million net new users that quarter alone.

Consumers seeking Home products (mortgage, home equity)

This group is looking for purchase mortgages, refinance mortgages, and home equity loans. Despite the challenging mortgage market, this segment showed solid growth in the third quarter of 2025. The Home segment generated $38.1 million in revenue, marking an 18% year-over-year increase. Home equity loans were a particular bright spot, with revenue from that product line jumping 35% year-over-year to $28.3 million in Q3 2025. The Mortgage Bankers Association projected a 16% increase in overall mortgage originations for the full year 2025, which bodes well for this customer base.

Consumers seeking Consumer products (personal loans, credit cards, auto loans)

This is a broad group covering credit cards, personal loans, auto loans, deposit accounts, and debt settlement services. The Consumer segment revenue hit $66.2 million in Q3 2025, up 11% from the prior year. Within this, personal loans are a key driver; that revenue line grew 12% year-over-year to $31.3 million in the third quarter. To give you a sense of the market size LendingTree, Inc. is tapping into, as of Q2 2025, 24.8 million Americans held a personal loan, and the total personal loan debt was $257 billion. The company also saw revenue from its small business offering increase 50% over the prior year in Q3 2025.

Consumers seeking Insurance quotes and policies

This segment focuses on insurance quote products. You defintely see the scale here; the Insurance segment was the largest revenue contributor in Q3 2025, bringing in $203.5 million, a 20% increase year-over-year. The segment profit grew 15% to $47.6 million over the same period. It is important to note that LendingTree, Inc. closed its insurance agency business and stopped selling policies in the second quarter of 2025, focusing strictly on quote generation.

Financial Institutions: Banks, non-bank lenders, and insurance carriers

These partners are the revenue source, paying for the qualified leads generated for their respective products. They are the other side of the marketplace match. The company has a nationwide network of over 500 partners. The growth in segment revenue across the board reflects strong carrier appetite for high-quality leads.

Here's a quick look at the Q3 2025 revenue contribution by segment, which clearly shows the customer base breakdown by product focus:

Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Revenue Growth	Q3 2025 Segment Profit (Millions USD)
Insurance	$203.5	20%	$47.6
Consumer	$66.2	11%	$35.2
Home	$38.1	18%	$11.8

Small business owners seeking financing

These owners are included within the broader Consumer segment but are tracked separately due to their distinct needs and dedicated sales team investment. The focus on this group led to revenue from the small business offering increasing by 50% year-over-year in Q3 2025. This growth followed a 48% year-over-year revenue increase in the prior year period, showing sustained demand.

The platform also offers consumers free credit scores, credit monitoring, and recommendations to improve credit health, which serves as a value-add to keep these customer segments engaged.

• Personal Loan Delinquency (60+ days past due) as of Q2 2025: 3.37%.
• Average Personal Loan Debt per Borrower as of Q2 2025: $11,676.
• Super-prime mortgage borrowers (score $\ge$ 720) accounted for 79.6% of originations through Q2 2025.

Finance: draft the Q4 2025 segment revenue forecast by next Tuesday.

LendingTree, Inc. (TREE) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive LendingTree, Inc.'s operations as of late 2025. The cost structure is heavily weighted toward acquiring consumer attention, balanced by the fixed overhead required to run the marketplace technology.

High variable marketing expenses to acquire consumer traffic represent the largest, most dynamic cost component. This is the money spent directly on advertising and marketing to bring users to the platform to shop for loans and insurance. For the third quarter of 2025, the reported Variable Marketing Expense was $214.6 million (or $214,600 thousand). This cost is directly subtracted from revenue to calculate the Variable Marketing Margin, which for Q3 2025 was $93.2 million.

The company's capital structure costs are now defined by the new debt facility. LendingTree, Inc. closed a $475 million credit facility in August 2025, split between a $400 million five-year Term Loan B and a $75 million revolving credit facility. This move was specifically intended to lower the cost of capital. The interest expense associated with this debt, which includes the new structure, was reported as $17,907 thousand (or $17.907 million) for the third quarter of 2025. The Term Loan B carries an initial interest rate of SOFR plus 450 basis points.

Personnel and fixed costs for technology development and operations are the expenses that remain after variable marketing is accounted for. These are the costs of running the business that don't fluctuate directly with ad spend. While a precise figure for only technology personnel and fixed costs isn't explicitly broken out in the non-GAAP reconciliation, these costs are embedded within the GAAP Selling and Marketing Expense that is not classified as variable marketing expense, as well as general and administrative expenses. The company's focus on operational excellence suggests a tight control over these overheads.

Technology infrastructure and data licensing costs fall under the umbrella of fixed operating expenses, often captured within depreciation, amortization, and general overhead. These are the costs to keep the proprietary systems running and to license necessary data feeds. For Q3 2025, the reported non-cash expenses related to assets supporting operations include:

• Depreciation: $3,995 thousand
• Amortization of intangibles: $1,288 thousand

Here is a breakdown of key cost-related GAAP adjustments and non-GAAP measures for the third quarter of 2025, which illustrate the cost structure:

Cost/Expense Component (Q3 2025)	Amount (in thousands)	Context
Variable Marketing Expense	$214,600	Direct advertising and marketing spend
Interest Expense, net	$17,907	Cost of debt, including new $475 million facility
Depreciation	$3,995	Non-cash cost for fixed assets
Amortization of intangibles	$1,288	Non-cash cost for acquired assets
Non-cash compensation	$11,190	Stock-based compensation expense
Income tax expense (benefit)	$1,426	Tax provision for the period

The company's strategy involves managing these fixed costs while aggressively deploying variable marketing to drive revenue. For the full-year 2025 outlook provided in July 2025, the expected Variable Marketing Margin was projected to be between $329 million and $336 million.

LendingTree, Inc. (TREE) - Canvas Business Model: Revenue Streams

You're looking at how LendingTree, Inc. actually brings in the money, which, as of late 2025, is heavily weighted toward its insurance vertical. The core of the business model relies on connecting consumers with lenders and carriers across its marketplace.

The primary mechanisms for generating revenue are:

• Lead generation fees from network partners, often structured as pay-per-click or pay-per-call transactions.
• Transaction fees collected for closed loans or sold policies that result from successful consumer connections.

The financial performance for the third quarter of 2025 shows a strong top line. Consolidated Revenue for Q3 2025 was reported at $307.8 million. This represented the company's sixth consecutive quarter of year-over-year revenue growth.

To give you a clearer picture of where that $307.8 million came from in Q3 2025, here is the segment breakdown:

Revenue Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth (Q3 2024 vs Q3 2025)
Insurance segment revenue	$203.5 million	20%
Consumer segment revenue	$66.2 million	11%
Home segment revenue	$38.1 million	18%
Total Consolidated Revenue	$307.8 million	18%

Honestly, the Insurance segment is the engine right now. Its revenue was $203.5 million in Q3 2025, which is a 20% increase over the prior year period. Within the Consumer segment, which brought in $66.2 million, personal loans revenue specifically accounted for $31.3 million, growing 12% year-over-year.

The Home segment contributed $38.1 million in revenue, and within that, revenue from Home Equity saw a substantial 35% increase over the prior year. The company is clearly leaning into maximizing carrier budgets where it is accretive to segment profit. Finance: draft 13-week cash view by Friday.