Tricolor Holdings today announced that it has been named the Finovate Award winner for Excellence in Financial Inclusion. Given to the financial technology firm that excels at providing greater access to responsible financial services, the award recognized Tricolor for its proven track record leveraging innovation and artificial intelligence (AI) to improve physical and financial mobility.

Tricolor was also named a finalist in the Finovate Best Consumer Lending Solution category and Tricolor founder and CEO Daniel Chu was named a finalist in the Finovate Executive of the Year category.

“It is incredibly validating to see this prestigious financial services competition acknowledge the importance of bringing more Hispanics into the financial mainstream and the challenges they face in accessing affordable financial products and services,” said Chu. “Our mission is to provide these individuals and communities with a path to the American Dream, harnessing their collective strength to ensure they play a meaningful role in the economic growth and future of this country. Over the last decade-plus, we’ve demonstrated that purpose-driven companies can use technology to both do well and do good at scale, forging a model for others to follow.”

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 provide 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 the US Hispanic population has no or limited access to mainstream credit.

Tricolor uses AI nearly 15 years of proprietary customer insights and 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.