Tricolor Secures $90 Million from Funds Managed by BlackRock to Expand AI-Powered Responsible Lending Platform for Underserved Consumers
Summary
The new capital will be used to rapidly expand its mission-driven, AI-powered approach to the purchase and financing of high quality, affordable used vehicles for credit invisible Hispanics nationwide. To date, Tricolor, a U.S. Department of the Treasury certified Community Development Financial Institution (CDFI), has disbursed over $1.5 billion in affordable auto loans as part of its mission to empower underserved customers and provide them a path to a better life. “For decades, the deck has been stacked against low income or credit invisible Hispanics in the United States when it comes to the purchase and financing of a used vehicle,” said Daniel Chu, founder and CEO of Tricolor. “We’ve proven that our technology and teams can reverse this dynamic, helping people gain access to reliable, affordable transportation. On a combined basis, Tricolor and Ganas have served over 85,000 customers and disbursed over $1.5 billion in affordable auto loans by using their proprietary model to segment risk.