Vancouver and Toronto-based financial technology company Progressa has announced the launch of its suite of software solutions for collections enhancement and point-of-sale finance platforms.
The company offers a short-term lending platform for individuals, though this launch represents the release of its enterprise products. Its Progressa Score is a fourth-generation proprietary credit-scoring model that can assess financial behavior in real-time to produce a behavioural-based credit score. The Score drives the Progressa software suite, enabling businesses to offer proactive and socially responsible credit solutions to their consumers. The company said the Progressa Score will drive nearly $100 million of consumer loan funding before the end of 2018.
“With the public release of our enterprise software solutions, we expect that Progressa will begin to diversify its revenue streams beyond revenue solely from its lending operations over the next several quarters,” said CEO Ali Pourdad. “The company has invested heavily in software over the last six years, with the primary benefactor being our lending business; today doesn’t mark a shift in strategy, but rather a natural extension of what our lending business has known and benefited over the course of our history.”
Other tools in the launch include Progressa Engage, loan origination software for collection agencies and debt purchasers allowing them to offer real-time financing solutions to consumers; Progressa Optimize, a segmentation tool and collection strategy; and Progressa Connect, a publicly available API in Canada for offering non-prime credit, providing connectivity to both Progressa’s proprietary credit score and its core lending business and servicing platform.