Agora Data wins the “Business Lending Innovation Award” in the 2023 FinTech Breakthrough Awards
“Our focus is to enable non-prime car dealers and finance companies to have access to reliable and affordable financing to fuel growth. Capital combined with our powerful predictive data analytics helps improve the performance of their auto loan portfolios” – Steve Burke, CEO director of Agora Data
LOS ANGELES (PRWEB)
March 23, 2023
FinTech Breakthrough, an independent market intelligence organization that recognizes the best companies, technologies and products in the global FinTech market, announced today that Agora Data, Inc., the FinTech company transforming non-prime auto finance, has been selected as the winner of the ” Business Lending Innovation Award” in the seventh annual FinTech Breakthrough Awards program. Agora Data gives auto dealers and finance companies access to abundant, affordable capital and precision loan performance analytics.
Agora Data closed the first-ever crowdsourced non-prime auto securitization in 2020 (and executed several since the first transaction), allowing auto dealers and finance companies direct access to the capital markets with its more favorable financing terms and highly competitive loan rates.
Agora Data offers auto dealers across the United States access to capital and technology resources to safely grow their business and become their own finance company. The company’s patent-pending advanced ML (machine learning) /AI (artificial intelligence) modeling analyzes over $300B worth of auto loan data and is able to predict auto loan performance with extreme accuracy. These proprietary data-driven analytics empower auto dealers to make better business decisions, while reducing risk for institutional lenders seeking increased security on non-prime automotive-related investments.
Car dealers participating in Agora Data’s capital program can offer self-financing to their car buying customers at more competitive rates and improved financial terms, creating optimal outcomes for the buyer, the dealer and the communities they serve. In addition, Agora Data offers affordable financing to provide the flexibility and cash flow that retailers and finance companies need to operate and grow their businesses.
“Car dealers that offer in-house financing face significant limitations in accessing affordable capital and are often relegated to business loans that have high interest rates and restrictions. These additional costs and restrictions are often passed on to car buyers, who may default on their loans, leading to a decline in credit scores and resulting difficulty in qualifying for other loans,” said James Johnson, CEO, FinTech Breakthrough. “Agora Data is proactively addressing these challenges and fundamentally transforming the non-prime auto finance market by helping these dealers to compete on the same footing as national, mega-store and online car dealers. As Agora Data manages the servicing of the loans, dealers are freed up to focus on buying and selling cars and growing their business. Congratulations to the Agora Data team for taking home our ‘Business Lending Innovation Award’ for 2023!
The FinTech Breakthrough Awards is the premier awards program founded to recognize FinTech innovators, leaders and visionaries from around the world in a range of categories including: Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from around the world.
“Our focus is to enable non-prime car dealers and finance companies to have access to reliable and affordable financing to fuel growth. Capital combined with our powerful predictive data analytics helps improve the performance of their auto loan portfolios,” said Steve Burke, CEO of Agora Data. “Through diversified financing strategies and ML/AI analytics, we are reshaping the future for underbanked and underserved dealers, finance companies and consumers. The result is transformational growth and improvement in the non-primary automotive industry.”
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership worldwide, the FinTech Breakthrough Awards program is dedicated to honoring excellence in financial technologies and services, companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including payments, personal finance, wealth management, fraud protection, banking, lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.
About Agora Data, Inc.
Agora Data, Inc., an automotive fintech, is the nation’s leading resource for auto dealers and finance companies. Auto loan originators can secure affordable capital to build their own nonprime financing solution, obtain actionable lending performance data to improve their lending portfolios, and use other products to safely grow their business. Powered by patent-pending technology, originators can access real-time data analysis and planning resources to optimize the performance of their portfolios. Agora Data made history by closing the first ever crowdsourced non-prime auto securitization in 2020 and continues to bring breakthrough products to an underserved market. For more information, visit agoradata.com or contact us at 1-877-592-4672.
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