Tricolor recognized with Fintech Nexus Award for outstanding achievement in promoting financial inclusion.
Dallas, May 11, 2023 (GLOBE NEWSWIRE) – Tricolor Holdings, a leading financial services company, has received the prestigious Fintech Nexus Award for its remarkable efforts in advancing financial inclusion. This recognition celebrates Tricolor’s exceptional achievements in expanding access to financial services for underserved communities, solidifying its position as a trailblazer in the industry.
Tricolor’s innovative use of technology and artificial intelligence has revolutionized the way credit-invisible Hispanic consumers access financial opportunities. Over the past 15 years, Tricolor has disbursed over $2 billion in affordable auto loans, helping numerous individuals who previously faced limited options due to a lack of affordable credit.
Expressing his gratitude, Founder and CEO Daniel Chu said, “We are deeply honored to receive this recognition from a respected financial technology publication. It highlights the importance of addressing the challenges faced by credit-invisible Hispanic consumers in terms of financial mobility. By bridging the credit gap, we not only drive individual and economic growth but also contribute to a better future for our nation.”
Tricolor’s disruptive business model has empowered underserved communities and low-income individuals to purchase high-quality used vehicles. Leveraging proprietary customer insights, artificial intelligence, and non-traditional credit attributes, Tricolor provides inclusive financial opportunities that were previously unavailable through mainstream financial providers.
The impact of Tricolor’s initiatives is profound. They have not only saved borrowers over $800 million in potential interest but also helped more than 50% of their borrowers establish credit scores with major bureaus, even without a traditional FICO score.
Tricolor’s commitment to transparency, customer empowerment, and superior value has consistently earned them top Net Promoter Scores, rivaling both disruptors and traditional automotive retailers. They are also the only company in the consumer ABS space to issue multiple social bonds, offering affordable financing options to low-income borrowers without FICO scores.
This well-deserved recognition adds to Tricolor’s list of accomplishments, including being named one of Inc. Magazine’s Best in Business for 2022. With their unwavering dedication to consumer support and financial inclusion, Tricolor continues to make a lasting impact on individuals nationwide.
Tricolor Holdings is a forward-thinking financial institution certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI). Their mission is to provide transportation and upward financial mobility solutions for underserved Hispanics. Through advanced data analytics and AI-powered technology, Tricolor offers responsible and affordable credit-building auto loans. Headquartered in Dallas, Texas, Tricolor operates in multiple states, delivering innovative solutions that empower individuals with limited or no credit history to access the transportation they need while advancing financial inclusion.