VANCOUVER, British Columbia--(BUSINESS WIRE)--Progressa, a Vancouver and Toronto based financial technology company, has surpassed the $100 million milestone in funded loans for underserved Canadian consumers. Since 2013, Progressa has helped tens of thousands of Canadians improve their financial health by paying off outstanding collections items, improving their credit, and getting back to living their life. Since inception, over 9 out of 10 new customers who have paid off their collections with Progressa have seen a positive or neutral credit score migration. In addition, going back to 2017, the Company has had the most consistent industry leading Net Promoter Score (NPS), representing customer satisfaction, which is currently in excess of 50.
Progressa’s lending business benefits greatly from its 5th generation proprietary credit score, the Progessa Score™. With over 6 years of real lending data to non-prime Canadian consumers, the Progressa Score™ has become Canada's most predictive alternative credit score with industry leading predictiveness of repayment and only a 8% bad debt rate. Today the Progressa Score™ is used for collections segmentation and optimization by Canada’s largest enterprises and collection agencies.
Ali Pourdad, CEO commented, “Reaching this milestone is a testament to all of our passionate team members and stakeholders. Progressa is about our customers borrowing for the right reasons and rebuilding their financial futures. We are most proud that, along with the $100 million we have now surpassed, we’ve given our customers just as many reasons to rid themselves of their debt, and more importantly, their emotional stress. This allows them to begin to focus on a positive financial future. As Canadian household debt continues to trend in the wrong direction, Progressa’s mission will continue to revolve around helping well-intentioned Canadians find an avenue to get out of debt and rebuild their credit.”
Named by CB Insights to the 2018 Fintech 250, a list of the world’s top fintech startups, Progressa is Canada's fastest growing financial technology lender focused on changing the way pay cheque to pay cheque Canadians access and build credit. Since 2013, our mission has been to build a socially responsible consumer finance company that encourages borrowing for the right reasons and that Canadians can be proud of. Our enterprise solutions suite, driven by the 5th Generation Progressa Score™, is built for collection agencies and point of sale finance.
We empower collection agencies to offer proactive solutions and drive healthy recoveries while protecting brand loyalty with industry leading NPS and servicing. For point of sale finance, we allow platform partners and other originators to expand their merchant offerings to service non-prime consumers and achieve industry leading approval rates.
Learn more: progressa.io