[February 12, 2019] |
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INSIKT Changes Name to Aura
INSIKT, a mission-driven financial technology company that offers
affordable loans to hard-working families, today announced that it has
changed its name to Aura to expand its focus on creating greater
financial health, independence and economic stability for millions in
America.
"Today, I am excited to share that INSIKT has undergone an extraordinary
transformation that starts with a bold new name," said James Gutierrez,
CEO and Founder of Aura. "Aura, like your credit score, may seem
invisible, but it matters a lot. Today, we commit to making the
seemingly invisible role of credit, approachable, visible, clear,
transparent, easy to understand and fair for all. Most financial
institutions see borrowers as a number, a risk, a reflection of the
past. This says nothing about a borrowers' potential and where they can
go. The difference for us -- we see their Aura, not just their credit
score. We see them, their potential, and their dreams."
Since its launch in 2014, INSIKT has provided more than $390 million in
affordable, credit-building loans to 320,000 borrowers at over 1,200
partner locations using technology that enables local businesses to
administer credit applications.
Now, Aura will build on this success by adding a new consumer product
experience that will further empower borrowers and ut them on the road
to financial security. Recognizing that most of its customers do not
know what their credit score is or how much they should save on each
paycheck, Aura will provide its borrowers with free credit scores, a
summary of what's in their credit report, and a personalized budget,
including expenses, DTI (News - Alert) and tips for savings.
Additionally, Aura is launching a new customer loyalty program, known as
"Aura Hearts" that offers benefits to borrowers who pay on time such as
larger future loans, lower rates, and faster pre-approvals.
"We have worked to ensure Aura makes managing debt a launch-point for
personal independence," said Gutierrez. "We want everyone to see and
understand their financial history, reduce fear around personal finance
in the communities we serve, and increase borrowers' ability to navigate
the financial system. Aura is here to make sure that borrowers have a
true partner on their financial journey."
Aura's new website is located at www.myaura.com.
About Aura:
Aura is a technology-powered, Community Development Financial
Institution (CDFI) that provides small, affordable loans to working
families in America. Aura's mission is to build financially healthy
low-income communities by providing empowering financial services to
America's 66-million underbanked and unbanked. Aura has pioneered a
cloud-based lending technology that enables trusted local businesses to
submit credit applications for centralized review and approval by its
proprietary scoring algorithms.
Currently available in nearly 1,200 locations across California, Texas,
Illinois and Arizona, Aura has provided hundreds of thousands of
credit-building, responsible loans to low-income households since
launching in 2014. Aura was founded in 2012 by James Gutierrez, Kevin
Kang, and Randy Wong. All three founders helped create and scale
Oportun, a CDFI and one of Time Magazine's Top 50 Most Genius (News - Alert) Companies
in 2018.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190212005204/en/
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