Monday, March 5, 2018

Elevate: We've Saved Customers More Than $3 Billion

Fort Worth-based Elevate, the fintech company which offers up online credit and lending services geared towards non-prime customers, claims it has saved its customers more than $3 billion to date, compared with other "payday loan" alternatives. Elevate--which had its IPO last April--said $1.3 billion of that saving to its customers came in 2017. Elevate did not say how it added up the $3 billion in savings, but said its products are a "fraction of the cost" of traditional payday, title, pawn, and storefront financing providers. Elevate says its lending is driven by machine learning-based algorithms to supplement traditional credit scores with other alternative data sources.