SAN FRANCISCO--(BUSINESS WIRE)--INSIKT, a CDFI (Community Development Financial Institution) certified FinTech disrupting the predatory lending industry, announced today that it has been named as one of the San Francisco Business Times Top 100 Fastest Growing Private Companies in the Bay Area.
INSIKT was ranked the 23rd on the list, joining a group of companies that generated $4.7 billion revenue in 2017 and had a median growth rate of 106 percent from 2015 to 2017.
The San Francisco Business Times has named the top growing private companies in the Bay Area for over 25 years. The coveted list spans a diverse cross section of industries from healthcare to real estate and tech. Its alumni include iconic companies such as Salesforce.com. This year’s winners were selected based on revenue growth rate increases between 2015 and 2017.
“We are honored to be included on this esteemed list. We take pride in our mission driven company that facilitates financial inclusion and literacy for hundreds of thousands of people in the United States. This award is a reflection of the growing impact we are having on underserved communities across the country. We look forward to continuing to build on our momentum heading into 2019,” said James Gutierrez, CEO and Co-Founder of INSIKT.
This recognition from the San Francisco Business Times comes in a year of strong growth and momentum for INSIKT. The Company was named to the Inc. 5000 Fastest Growing Companies in America in August and ranked 347. The company completed a $25M social bond offering in July. The US Treasury recognized INSIKT with a CDFI certification in May.
INSIKT is a technology-powered, CDFI that provides small, affordable loans to working families in America. INSIKT’s mission is to build financially healthy low-income communities by providing empowering financial services to America’s 66-million underbanked and unbanked. 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. Currently available in over 850 locations across California, Texas, Illinois and Arizona, INSIKT has provided hundreds of thousands of credit-building, responsible loans to low-income households since launching Lendify in 2014. We’re proud that 67% percent of INSIKT’s repeat customers grow their credit score by an average of 312 points from their first to second loan. 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. INSIKT was founded in 2012 by James Gutierrez, Kevin Kang, and Randy Wong. All three founders helped create and scale Oportun, recently named by Time Magazine as one of the Top 50 Genius Companies in 2018.