Tricolor named a finalist for 2 Finovate Awards
Tricolor is in the running for a pair of prestigious honors.
The tech-enabled Community Development Financial Institution (CDFI) and one of the nation’s largest used-vehicle retailers that caters to Hispanic consumers announced it has been named a finalist in two categories for the annual Finovate Awards: Excellence in Financial Inclusion and Best Consumer Lending Solution.
Tricolor said this latest recognition from one of the fintech industry’s leading awards programs builds on a growing list of milestones for the company as it delivers on its mission to help underserved Hispanics enter the financial mainstream and pursue a better life.
To date, Tricolor said it has originated more than $2 billion in auto financing by applying artificial intelligence (AI) to nearly 15 years of proprietary customer insights. With more than 25 million unique non-traditional credit attributes, Tricolor said it can unlock financially inclusive opportunities for low-income, credit invisible Hispanics.
Not only is Tricolor gaining notoriety in the tech space, but the investment world previously has taken notice, too.
Last year, Tricolor announced a $90 million equity investment from BlackRock’s Impact Opportunity Fund, which focuses on empowering underserved communities.
“Underserved Hispanics continue to experience a significant wealth gap in America and are challenged to find reliable transportation at affordable prices and rates,” Tricolor founder and chief executive officer Daniel Chu said in a news release.
“Being recognized by Finovate for both the power of our lending platform and our track record of expanding financial inclusion is a tremendous validation of the vital role Tricolor plays in helping its customers pursue their dreams,” Chu went on to say.
For more information about Tricolor, visit tricolor.com and tricolorholdings.com.