Tricolor wins the Fintech Nexus Award for Excellence in Financial Inclusion
Tricolor named prestigious honor for its focus on purpose and use of AI to improve economic access and mobility for underserved Hispanics
DALLAS, May 11, 2023 (GLOBE NEWSWIRE) — Tricolor Holdings announced today that it has been named the Fintech Nexus Award winner for Excellence in Financial Inclusion. Awarded the financial company making the biggest difference in expanding access to financial services for underserved populations, Tricolor was recognized for its proven track record of leveraging innovation and artificial intelligence to improve physical and financial mobility.
“We are grateful to be recognized by such a respected and prestigious financial technology publication, but more importantly for the growing awareness of the formidable challenges credit-invisible Latin American consumers face with regard to mobility,” said Daniel Chu, Founder and CEO in Tricolor Holding. “When this huge and growing population is left behind in terms of access to credit, we all risk falling short of our economic goals as individuals and as a nation. This award confirms the inextricable link we have formed between doing well and doing well at scale, highlighting our long history of executing a model that delivers value for customers while creating long-term value as a business.”
Over the past 15 years, Tricolor has disbursed more than $2 billion in affordable auto loans and helped hundreds of thousands of customers—many of whom lack access to affordable credit—purchase a quality used car. The company is known for its use of innovative, advanced technologies and a disruptive business model that enables used vehicle purchases that empower underserved low-income communities, giving them improved access to mainstream financing and ultimately a better future.
Meeting the needs of underserved Hispanics
The more than 59 million Hispanics in the United States would collectively rank as the eighth largest economy in the world. Yet, according to the FDIC National Survey of Unbanked and Underbanked Households, 32% of this US Hispanic population has no or limited access to conventional credit.
Tricolor uses artificial intelligence (AI) and nearly 15 years of proprietary customer insights and over 25 million unique non-traditional credit attributes to unlock financial inclusion opportunities for low-income, credit-invisible Hispanics left behind by mainstream financial providers. To date, this US Department of Treasury-certified Community Development Financial Institution (CDFI) has disbursed over $2 billion in affordable auto loans and saved borrowers more than $800 million in potential interest compared to loans they would have otherwise qualified for. It has also helped over 50% of borrowers without a FICO score establish a score with a major credit bureau.
Tricolor’s patented, interactive tools provide unparalleled transparency and strengthen self-selection for its customers. Furthermore, its integrated retail plus lending platform creates a seamless customer experience and superior value, resulting in high-quality vehicles, backed by a free warranty, and made available through affordable credit. As a result, Tricolor routinely earns Net Promoter Scores superior to even the biggest names among both disruptors and traditional car dealers. It is also the only company in all of consumer ABS to issue multiple social security bonds with loans that provide affordable access to low-income borrowers without FICO scores to finance the purchase of a motor vehicle.
Tricolor has been routinely recognized for its important work supporting consumers, including being named one of Inc. Magazine’s Best in Business for 2022
For more information about Tricolor, please visit tricolorholdings.com and tricolor.com.
About Tricolor
Tricolor is a US Department of the Treasury-certified Community Development Financial Institution (CDFI) and a mission-driven company that leverages its direct-to-consumer AI-powered platform to provide transportation and upward financial mobility solutions for underserved Hispanics in the United States. It uses advanced data analytics and technology to promote financial inclusion to a highly underserved market and offer responsible, affordable, credit-building auto loans to people with no or limited credit history.
Headquartered in Dallas, Texas, Tricolor and its affiliate Ganas Auto Group operate 54 retail centers across 20 markets in Texas, California, Nevada and Arizona with a shared service center in Guadalajara, Mexico. On a combined basis, Tricolor and Ganas have served over 90,000 customers and disbursed over $2 billion in affordable auto loans using their proprietary model to segment risk.
CONTACT INFORMATION
Stephanie Hicks
Cosmo PR for Tricolor
