INSIKT Closes $26 Million Social Bond Securitization With New Impact Investor Amalgamated Bank
Summary
Rooted firmly in the labor movement, Amalgamated Bank is a champion of working people across the country striving to make the world a more just, compassionate and sustainable place.How they structure their securitization program gives us the confidence that our investment will make a meaningful difference in the communities that need it most, while providing a healthy return for our shareholders – which is even more important now that we are a public company.We encourage other financial institutions, foundations and private investors to come on board and participate in this effort because a rising tide really can lift all boats,” said Amalgamated Bank’s CEO, Keith Mestrich.INSIKT has pioneered a cloud-based lending technology called Lendify that enables trusted local businesses to submit credit applications for centralized review and approval by INSIKT’s proprietary scoring algorithms.By leveraging technology to reach more geographies and working families across America, INSIKT aims to end reliance on predatory lending and the payday loan industry’s 23,000 store footprint.