Aura has originated over $750MM in affordable loans to families since belated 2014
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Mar 05, 2020, 09:00 ET
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SAN FRANCISCO BAY AREA , March 5, 2020 /PRNewswire/ — Bridge Bank today announced it’s extended a loan that is senior Aura, a mission-driven monetary technology company which provides affordable loans to hard-working families. The funding may be utilized to aid the business’s fast expansion because it provides affordable service that is financial to underserved communities.
This brand new loan comes during a time period of quick development for Aura when the business has supplied about $750MM in loans to almost 344,000 borrowers at 1,050 partner areas since 2014. Aura utilizes technology that goes beyond fico scores to determine borrowers’ power to repay and allows businesses that are local administer credit applications.
“we have been excited to do business with Aura because of their management that is stellar and approach of supplying monetary answers to people that could be ignored somewhere else,” stated Mike Lederman , senior handling manager of Bridge Bank’s technology banking team. “Aura has skilled tremendous development in the last few years and our Bridge Bank group online payday loans Tennessee looks ahead to supporting Aura within their continued development and success.”
“we have been delighted become working together with Bridge Bank, among the leading sourced elements of capital for fast-growing startups,” stated James Gutierrez , co-founder and primary executive officer of Aura. ” This financing that is new assist us keep speed with development and empower more hard-working families with your credit-building loans.”
Scores of working families in America lack usage of safe and affordable loans and generally are susceptible to predatory lenders. r banking package for worldwide pupils. From textbooks to tuit to Aura, they’ve supplied borrowers with affordable loans which have conserved over $475MM in extra charges and interest when compared with predatory choices. Two-thirds of Aura’s borrowers have cultivated their credit history by an average of 312 points after two loans.
Loans by Aura are available feasible by its revolutionary social bonds system, which allows banking institutions as well as other finance institutions to purchase loans to low-income people, while creating returns that are compelling. As a whole, Aura has raised over $526MM in social bonds and $230MM in funding to finance its loans.
About Bridge BankBridge Bank, a unit of Western Alliance Bank, Member FDIC, helps company customers realize their development ambitions. Launched in 2001 in Silicon Valley, Bridge Bank provides an easy method to bank for small-market and middle-market organizations across numerous companies, along with rising technology businesses as well as the equity community that is private. Targeted at serving both venture-backed and non-venture-backed organizations, Bridge Bank provides a diverse range of monetary solutions growth that is including, gear and working money credit facilities, endeavor financial obligation, treasury administration, asset-based financing, SBA and commercial property loans, ESOP finance and a complete type of worldwide products. Located in San Jose , Bridge Bank has 16 workplaces in major areas around the world along side Western Alliance Bank’s powerful assortment of specific monetary solutions. Western Alliance Bank could be the main subsidiary of Phoenix -based Western Alliance Bancorporation. Among the nation’s top-performing banking businesses, Western Alliance has rated within the top ten regarding the Forbes “Best Banks in America” list for five consecutive years, 2016-2020. For lots more information, check out bridgebank.com.
About AuraAura is a technology-powered, Community developing lender (CDFI) that delivers small, affordable loans to working families in the us. Aura’s objective would be to build economically healthier low-income communities by providing empowering monetary services to America’s 66-million underbanked and unbanked. Aura has pioneered a cloud-based lending technology that allows trusted regional companies to submit credit applications for central review and approval by its proprietary scoring algorithms.