Tricolor Holdings today announced that it has been named the Fintech Nexus Award winner for Excellence in Financial Inclusion. Given to the financial services company making the biggest difference in expanding access to financial services for the underserved population, Tricolor was recognized for its proven track record leveraging innovation and artificial intelligence to improve physical and financial mobility.

“We’re grateful to be recognized by such a respected and prestigious financial technology publication, but more importantly for the growing awareness of the formidable challenges faced by credit-invisible Hispanic consumers with respect to mobility,” said Daniel Chu, founder and CEO of Tricolor Holdings. “When this vast and growing population is left behind in terms of access to credit, we all risk falling short of achieving our economic goals as individuals and as a nation. This award validates the inextricable link we’ve formed between doing well and doing good at scale and highlights our long history of executing a model that provides value for customers while creating long-term value as an enterprise.”

Over the last 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 high-quality used vehicle. The company is well-known for its use of innovative, advanced technologies and a disruptive business model that enables the purchase of used vehicles that empower underserved, low-income communities and provides them with 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 mainstream credit.

Tricolor uses artificial intelligence (AI) and nearly 15 years of proprietary customer insights and with over 25 million unique non-traditional credit attributes to unlock financially inclusive opportunities for low-income, credit-invisible Hispanics left behind by mainstream financial providers. To date, this U.S. Department of the Treasury-certified Community Development Financial Institution (CDFI) has disbursed over $2 billion in affordable auto loans and saved borrowers more than $800M in potential interest compared to loans for which they would have otherwise qualified. It has also helped over 50% of its borrowers with no FICO score to establish a score with a major credit bureau.

Tricolor’s patented, interactive tools provide unprecedented transparency and empower self-selection for its customers. Further, 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 accessible through affordable credit. As a result, Tricolor routinely earns Net Promoter Scores that are superior to even the biggest names among both disruptors and traditional automotive retailers. It is also the only company in all of consumer ABS to issue multiple social bonds collateralized with loans that provide affordable access to low-income borrowers with no FICO score for financing 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.