LOS ANGELES, California, March 23, 2023 – FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies, and products in the global FinTech market, today announced that Agora Data, Inc., the FinTech company transforming non-prime automotive financing, has been selected as winner of the “Business Lending Innovation Award” in the 7th annual FinTech Breakthrough Awards program. Agora Data provides auto dealers and finance companies with access to ample, affordable capital, and precision loan performance analytics.
Agora Data closed the first-ever crowdsourced non-prime auto securitization in 2020 (and executed several since that initial transaction), allowing auto dealers and finance companies to have direct access to capital markets with its more favorable financing terms and highly competitive loan interest rates.
Agora Data offers auto dealers across the U.S. access to capital and technology resources to safely grow their business and become their own captive finance company. The company’s patent pending advanced ML (machine learning) /AI (artificial intelligence) modeling analyzes over $300B worth of auto loan data and is able to forecast auto loan performance with extreme accuracy. These proprietary data-driven analytics empower auto dealers to make better business decisions, while also reducing risks for institutional lenders seeking improved certainty on non-prime auto related investments.
Auto dealers taking part in Agora Data’s capital program can offer in-house financing to their car buying customers at more competitive rates and improved financial terms, creating optimal results for the buyer, the dealer, and the communities they serve. Additionally, Agora Data offers affordable financing to provide the flexibility and cash flow dealers and finance companies need to run and grow their business.
“Auto dealers offering in-house financing are facing significant constraints accessing affordable capital and are often relegated to business loans that carry high-interest rates and restrictions. These added expenses and restrictions are often passed along to car buyers, who may default on their loans, causing a dip in credit score, and resulting in difficulty qualifying for other loans,” said James Johnson, Managing Director, FinTech Breakthrough. “Agora Data is proactively addressing these challenges and fundamentally transforming the non-prime auto finance market by helping these dealers compete on the same footing as national, mega-sized, and online auto retailers. As Agora Data manages the servicing of the loans, dealers are freed up to focus on buying and selling cars and growing their businesses. Congratulations to the Agora Data team for taking home our ‘Business Lending Innovation Award’ for 2023!”
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders, and visionaries from around the world in a range of categories, including: Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from across the globe.
“Our focus is on enabling non-prime auto dealers and finance companies to have access to reliable and affordable financing to help fuel growth. Capital combined with our powerful predictive data analytics helps improve the performance of their auto loan portfolios,” said Steve Burke, CEO of Agora Data. “Through diversified funding strategies and ML /AI analytics, we’re reshaping the future for underbanked and underserved dealers, finance companies, and consumers. The result is transformational growth and enhancement of the non-prime automotive industry.”
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.
About Agora Data, Inc.
Agora Data, Inc., an automotive industry fintech, is the nation’s leading resource for auto dealers and finance companies. Auto loan originators can secure affordable capital to build their own non-prime captive finance solution, obtain actionable loan performance data to improve their lending portfolios, and use other products to grow their business safely. Powered by patent pending technology, originators can access real-time data analytics and planning resources to help optimize the performance of their portfolios. Agora Data made history by closing the first-ever crowdsourced non-prime auto securitization in 2020 and continually brings groundbreaking products to an underserved market.
For more information, visit www.agoradata.com or contact us at 1-877-592-4672.
© 2023, Agora Data, Inc. All rights reserved.
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