SAN DIEGO--(BUSINESS WIRE)--Elevate Credit, Inc., a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced the launch of Elevate Labs at its new San Diego-based Advanced Analytics center. The center of excellence underscores the company’s commitment to innovation in the non-prime credit market.
“What sets us apart is our long history of leveraging advanced analytical techniques, such as machine learning, neural networks, extreme gradient boosted trees as well as other statistical analysis in a way that’s compliant with regulations and beneficial to consumers,” said Eric VonDohlen, chief analytics officer at Elevate. “We’re creating the most holistic picture of each customer by using more data than any other lender in the space. It’s not uncommon for us to look at 10,000 different individual facts about people who we’re trying to underwrite and build models for.”
Elevate’s industry-leading technology and proprietary risk analytics are optimized to help non-prime consumers meet their immediate financial needs while improving their financial futures. The company annually invests $40 million in its technology and analytics capabilities, including substantial investments in its proprietary IQ and DORA risk technology and analytics platforms, to support rapid scaling and innovation, robust regulatory compliance and ongoing improvements in underwriting.
DORA, Elevate’s proprietary risk analytics platform, utilizes a terabyte-scale Hadoop database composed of thousands of elements, 1.5 million customer records and other wide-ranging data inputs including credit bureau data, web behavioral and performance data, bank account data and other non-traditional data, to accurately assign risk to customers.
Elevate’s cutting edge technology and analytics team, worldwide, consists of the most advanced thinkers in risk analytics with more than 35 data scientists in our Risk Management department including over 25 staff members with advanced degrees and eight with PhDs. While the San Diego location is the company’s most concentrated and fastest growing analytics center, the team is spread across offices in Texas and the United Kingdom.
“Given the state of consumer credit in America today, the need for innovation in credit scoring has never been greater: approximately two-thirds of Americans are non-prime according to the Corporation for Enterprise Development and FICO and need better credit options,” said Ken Rees, CEO of Elevate. “Our new innovation lab in San Diego gives the best and brightest technology and analytics talent the space to experiment, collaborate and create something that has the potential to change Americans’ financial lives.”
Elevate Labs is located in the Del Mar Heights/Carmel Valley area of San Diego. The office’s prime location boasts views of the Torrey Nature Preserve and the ocean. With a move from Elevate’s previous San Diego location, the new facility doubles in size Elevate’s presence in the region.
Elevate (NYSE: ELVT) has originated $4 billion in credit to more than 1.6 million non-prime consumers to date. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s suite of groundbreaking credit products includes RISE, Elastic and Sunny. For more information, please visit http://www.elevate.com.