Tricolor Named Finalist in LendIt Fintech Industry Awards for Excellence in Financial Inclusion
Tricolor recognized for use of AI to provide access to affordable credit on high quality, affordable transportation to underserved Hispanics
DALLAS, Dec. 21, 2021 (GLOBE NEWSWIRE) — Tricolor today announced it has been named a finalist in the Excellence in Financial Inclusion category for the annual LendIt Fintech Industry Awards. The award highlights companies that have made the most measurable difference in expanding access to financial services in new and innovative ways over the past year.
Sixty (60) million Hispanics live in the United States while accounting for more than half of the US population growth over the past decade, yet more than a third have no or limited access to mainstream credit, creating mobility challenges for a segment of the population in which fewer than one in six can work remotely. This high barrier to affordable financing results in scarce options and predatory terms.
Applying artificial intelligence (AI) to nearly 14 years of proprietary customer insights and with over 23 million unique non-traditional credit attributes, Tricolor unlocks financially inclusive opportunities for low-income, credit invisible Hispanics left behind by mainstream solutions. To date, Tricolor, a U.S. Department of the Treasury certified Community Development Financial Institution (CDFI), has disbursed over $1.75 billion in affordable auto loans as part of its mission to empower underserved Hispanics and provide them a path to a better future through both physical mobility and upward financial mobility.
Over the last year, Tricolor has worked aggressively to expand its mission-driven, AI-powered approach to reach more customers. As part of this effort, the company recently launched a new software-as-a-service (SaaS) business unit named Tricolor Financial to scale the company’s proprietary scoring capability even further. Tricolor also announced a $90 million equity investment from BlackRock (“BlackRock Funds”) to help fund these initiatives.
“The last couple years have only widened the growing financial and wealth gap for communities of color in America,” said Daniel Chu, founder and CEO of Tricolor. “This honor is a tremendous validation of Tricolor’s role in reversing that dynamic and helping to empower financially underserved consumers so they can ultimately improve their lives for the better.”
For more information about Tricolor, please visit tricolor.com and tricolorholdings.com.
About Tricolor
Tricolor is a U.S. Department of the Treasury certified Community Development Financial Institution (CDFI) and a mission-driven company that enables physical and financial mobility, leveraging its direct-to-consumer, AI-powered platform to provide mobility solutions for the underserved Hispanic market. It utilizes advanced data analytics and technology to advance financial inclusion to a highly underserved market and offer responsible, affordable, credit-building auto loans to individuals with no or limited credit history.
Headquartered in Dallas, Texas, Tricolor and its affiliate Ganas Auto Group operate 50 retail dealerships across 18 markets in Texas, California, and Nevada with a shared services center in Guadalajara, Mexico. On a combined basis, Tricolor and Ganas have served over 90,000 customers and disbursed over $1.75 billion in affordable auto loans by using their proprietary model to segment risk.
CONTACT INFORMATION
Stephanie Hicks
Cosmo PR for Tricolor
(805) 295-9455
[email protected]
