INSIKT Changes Name to Aura

SAN FRANCISCO–(BUSINESS WIRE)–Feb 12, 2019–INSIKT, a mission-driven financial technology company that offers affordable loans to …

SAN FRANCISCO–(BUSINESS WIRE)–Feb 12, 2019–INSIKT, a mission-driven financial technology company that offers affordable loans to hard-working families, today announced that it has changed its name to Aura to expand its focus on creating greater financial health, independence and economic stability for millions in America.

“Today, I am excited to share that INSIKT has undergone an extraordinary transformation that starts with a bold new name,” said James Gutierrez, CEO and Founder of Aura. “Aura, like your credit score, may seem invisible, but it matters a lot. Today, we commit to making the seemingly invisible role of credit, approachable, visible, clear, transparent, easy to understand and fair for all. Most financial institutions see borrowers as a number, a risk, a reflection of the past. This says nothing about a borrowers’ potential and where they can go. The difference for us — we see their Aura, not just their credit score. We see them, their potential, and their dreams.”

Since its launch in 2014, INSIKT has provided more than $390 million in affordable, credit-building loans to 320,000 borrowers at over 1,200 partner locations using technology that enables local businesses to administer credit applications.

Now, Aura will build on this success by adding a new consumer product experience that will further empower borrowers and put them on the road to financial security. Recognizing that most of its customers do not know what their credit score is or how much they should save on each paycheck, Aura will provide its borrowers with free credit scores, a summary of what’s in their credit report, and a personalized budget, including expenses, DTI and tips for savings.

Additionally, Aura is launching a new customer loyalty program, known as “Aura Hearts” that offers benefits to borrowers who pay on time such as larger future loans, lower rates, and faster pre-approvals.

“We have worked to ensure Aura makes managing debt a launch-point for personal independence,” said Gutierrez. “We want everyone to see and understand their financial history, reduce fear around personal finance in the communities we serve, and increase borrowers’ ability to navigate the financial system. Aura is here to make sure that borrowers have a true partner on their financial journey.”

Aura’s new website is located at www.myaura.com.

About Aura:

Aura is a technology-powered, Community Development Financial Institution (CDFI) that provides small, affordable loans to working families in America. Aura’s mission is to build financially healthy low-income communities by providing empowering financial services to America’s 66-million underbanked and unbanked. Aura has pioneered a cloud-based lending technology that enables trusted local businesses to submit credit applications for centralized review and approval by its proprietary scoring algorithms.

Currently available in nearly 1,200 locations across California, Texas, Illinois and Arizona, Aura has provided hundreds of thousands of credit-building, responsible loans to low-income households since launching in 2014. Aura was founded in 2012 by James Gutierrez, Kevin Kang, and Randy Wong. All three founders helped create and scale Oportun, a CDFI and one of Time Magazine’s Top 50 Most Genius Companies in 2018.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190212005204/en/

Scott Gerber | 408.202.4255 |scott@vrge.us

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: OTHER CONSUMER TECHNOLOGY DATA MANAGEMENT INTERNET SOFTWARE PROFESSIONAL SERVICES BANKING FINANCE CONSUMER

SOURCE: Aura

Copyright Business Wire 2019.

PUB: 02/12/2019 06:00 AM/DISC: 02/12/2019 06:01 AM

http://www.businesswire.com/news/home/20190212005204/en

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INSIKT Closes $45 Million Social Bond Issuance Led by WebBank

“At WebBank, we work with innovative financial technology companies like INSIKT to make lending more inclusive and accessible in our nation,” said …

SAN FRANCISCO–(BUSINESS WIRE)–Feb 7, 2019–INSIKT, a technology powered CDFI (Community Development Financial Institution) disrupting the predatory lending industry, completed a $45 million private social bond issuance as part of its mission to accelerate financial inclusion and invest capital into low-income communities in America.

This marked INSIKT’s first securitization in 2019 backed by 33,805 responsible, credit-building loans. In 2018, INSIKT completed eight social bond issuances, for a total of $210 million. This latest placement brings INSIKT’s total capital raised to $298 million over 12 social bond issuances since 2017 which have helped fund 242,752 loans to hard-working families.

Millions of working families in America lack access to safe and affordable loans and are vulnerable to predatory lenders. Working with financial institutions like WebBank, INSIKT is able to provide borrowers with affordable loans that have saved them hundreds of millions of dollars in additional fees and interest by avoiding predatory options.

“At WebBank, we work with innovative financial technology companies like INSIKT to make lending more inclusive and accessible in our nation,” said Jason Lloyd, Executive Vice President of Strategy & Business Development. “Our investment in INSIKT’s social bonds has provided us compelling economic returns while helping INSIKT provide loans to working-families in America. This will help open doors of opportunity to hard working consumers and create new paths to financial security.”

“It has been a privilege working with WebBank as an investor in our social bonds since early 2018,” said James Gutierrez, CEO and Founder of INSIKT. “WebBank is leading the way in forging partnerships that are modernizing the ways in which borrowers obtain safe and affordable loans. Their latest investment will help INSIKT serve more working families across America and further our mission of expanding access to capital in low-income communities.”

About WebBank

WebBank is an FDIC insured, state-chartered industrial bank headquartered in Salt Lake City, Utah. It was organized under the laws of the State of Utah in 1997 and operates under federal banking law. Through its industrial bank charter, WebBank offers a wide variety of products either directly to its consumer customers via savings accounts and time deposits, or through our Strategic Partnerships, providing niche financing solutions to businesses and consumers.

About INSIKT:

INSIKT is a technology-powered, CDFI that provides small, affordable loans to working families in America. INSIKT’s mission is to build financially healthy low-income communities by providing empowering financial services to America’s 66-million underbanked and unbanked. INSIKT has pioneered a cloud-based lending technology that enables trusted local businesses to submit credit applications for centralized review and approval by its proprietary scoring algorithms. Currently available in nearly 1,200 locations across California, Texas, Illinois and Arizona, INSIKT has provided hundreds of thousands of credit-building, responsible loans to low-income households since launching in 2014. We’re proud that 67% percent of INSIKT’s repeat customers grow their credit score by an average of 312 points from their first to second loan. By leveraging technology to reach more geographies and working families across America, INSIKT aims to end reliance on the payday loan industry’s 23,000 store footprint. INSIKT was founded in 2012 by James Gutierrez, Kevin Kang, and Randy Wong. All three founders helped create and scale Oportun, a CDFI and one of Time Magazine’s Top 50 Most Genius Companies in 2018.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190207005230/en/

CONTACT: INSIKT

Heather Barrett

hbarrett@insikt.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET SOFTWARE SMALL BUSINESS PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: INSIKT

Copyright Business Wire 2019.

PUB: 02/07/2019 06:00 AM/DISC: 02/07/2019 06:01 AM

http://www.businesswire.com/news/home/20190207005230/en

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London FinTech Raises $4M For ‘Social’ Bank

A financial technology company called B-Social has raised £3.2 million ($4 million) in funding from undisclosed but high net-worth entities, according …

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A financial technology company called B-Social has raised £3.2 million ($4 million) in funding from undisclosed but high net-worth entities, according to reports.

The funds are just the ambitious company’s beginning steps toward its goal of becoming a wholly licensed bank — one that completely redefines what banking means and framing it around social interactions.

B-Social offers a social finance app and a beta debit Mastercard, which allows its customers to keep a close eye on daily spending and track where money is going, and also creates groups between people to split bills and keep a record of who owes what.

The app is still in its beta stage and is being used by testers and employees and their friends and families. The FinTech is aiming for a bigger U.K. launch in February of 2019.

“We recognise that almost all financial transactions are inherently social,” B-Social CEO Nazim Valimahomed said. “We want to change the relationship people have with money by helping them overcome the anxiety, awkwardness and wasted time when they engage with their social finances. We are doing that by building a digital bank that truly accommodates the way people live their lives and is dedicated to connecting a person’s finances to their social world.”

Valimahomed said the idea was born from his own financial frustrations with friends, and his view that people are banks themselves, lending and borrowing from acquaintances.

“A simple example might be that you pay for flights for two or more people and then get paid back individually,” he said. “For multiple transactions, this becomes complex, often resulting in the trip organiser having to create a spreadsheet to work out what people owe across multiple transactions.”

B-Social’s plan is to let users buy stuff with its card, and then mark the purchase as an expense for a group. Then the app will let the group see who owes what and allow for easy payment. B-Social calls this a social bank, and wants to eventually compete with more traditional banks in the U.K.

“We are aiming at winning a part of their market share by targeting customers looking for a bank as social as they are that offers a unique digital experience in order to help change the banking ecosystem forever,” Valimahomed said.