DALLAS, 09 Feb. 2022 (GLOBE NEWSWIRE) — Tricolor announced today that it has been named the winner of the LendIt Fintech Industry Award for Excellence in Financial Inclusion. Tricolor was honored for using cutting-edge technology at the heart of a goal-oriented model that significantly and measurably improves the physical and financial mobility of millions of underserved Hispanics in America.
Sixty (60) million Hispanics live in the United States, but more than a third have no or limited access to traditional credit, creating financial and transportation challenges for a rapidly growing segment of the US population that is expected to make up more than 30% of the US workforce by 2060. This high barrier to affordable financing results in scarce options and predatory conditions.
Tricolor leverages artificial intelligence (AI), nearly 15 years of proprietary customer insights, and more than 23 million unique non-traditional credit attributes to unlock financially inclusive opportunities for low-income Hispanics and without credit. To date, Tricolor, a U.S. Treasury Department-certified Community Development Financial Institution (CDFI), has disbursed nearly $2 billion in affordable auto loans as part of its mission to empower underserved Hispanics and provide them with a path to a brighter future through both upward physical and financial mobility.
“We are honored to be named winners of the LendIt Award for Excellence in Financial Inclusion and grateful for their recognition of our commitment to advancing financial opportunity in America,” said Daniel Chu, Founder and CEO of Tricolor. . “Access to affordable credit to purchase a vehicle unlocks opportunity, and our AI-powered platform expands financial inclusiveness for consumers. We believe that when barriers to economic equality are removed, everyone We will continue to grow in service of our mission and to help our customers more equitably pursue the American dream.
Over the past year, Tricolor has worked aggressively to expand its mission-driven, AI-powered approach to reach even more customers. As part of this effort, the company recently launched a new software-as-a-service (SaaS) business unit named Tricolor Financial to further expand the company’s proprietary ratings capability. Tricolor also announced a $90 million equity investment from BlackRock (“BlackRock Funds”) to help fund these initiatives.
For more information about Tricolor, please visit tricolor.com and tricolorholdings.com.
Tricolor is a U.S. Department of Treasury Certified Community Development Financial Institution (CDFI) and mission-driven company leveraging its AI-powered, direct-to-consumer platform to deliver solutions transportation and upward financial mobility to underserved Hispanics in the United States. . It uses advanced data analytics and technology to advance financial inclusion in a highly underserved market and provide responsible, affordable, credit-generating auto loans to people with no or poor credit history.
Based in Dallas, Texas, Tricolor and its subsidiary Ganas Auto Group operate 50 dealerships in 20 markets in Texas, California, Nevada and Arizona with a shared service center in Guadalajara, Mexico. Together, Tricolor and Ganas have served over 90,000 customers and disbursed nearly $2 billion in affordable auto loans using their proprietary model to segment risk.
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