Open Lending Corporation - LPRO STOCK NEWS

Open Lending Corporation (LPRO) reported impressive growth for FY 2021, with a 98% increase in revenue to $215.7 million and a 123% rise in adjusted EBITDA to $155 million. In Q4 alone, revenue reached $51.6 million, while GAAP net income surged to $27.8 million. The company facilitated 171,697 certified loans for the year, significantly up from 94,226 in 2020. Looking ahead, Open Lending projects total revenue for 2022 to range between $210 million and $240 million, with adjusted EBITDA estimated at $135 million to $160 million.

Open Lending Corporation (LPRO) has announced a significant five-year extension of its Producer Agreement with AmTrust North America, extending through December 31, 2028. This partnership, initiated in 2010, has facilitated the insurance of over $9 billion in automotive loans under the Lenders Protection Program. Executives from both companies expressed enthusiasm about continuing to enhance auto financing options for financial institutions, indicating confidence in the ongoing benefits of the collaboration.

Open Lending Corporation (NASDAQ: LPRO) will host a conference call on February 24, 2022, at 5:00 PM ET to discuss their fourth quarter and full year 2021 financial results. The call will feature CEO John Flynn, President Ross Jessup, and CFO Chuck Jehl. A press release with the financial results will be issued after market close on the same day. Interested parties can listen to the call via their investor relations website or by phone. A replay will be available shortly after the call.

defi SOLUTIONS announces the expansion of its partnership with Open Lending Corporation (LPRO), integrating its Lenders Protection™ platform with the defi XLOS originations product. This partnership aims to assist near- and non-prime borrowers by providing reduced loan rates and favorable terms. By using this integration, lenders can potentially enhance lending volumes and mitigate the financial effects of expected credit loss reporting (CECL). The availability of this integration is expected in the second quarter of 2022 as part of defi's new ORIGINATIONS platform.

Open Lending Corporation (NASDAQ: LPRO) announced the signing of 71 new accounts for its Lenders Protection™ program in 2021, with 18 accounts added since October. The average asset size of these lenders surpassed $1.2 billion, showcasing the program's appeal. Lenders Protection provides default insurance coverage for near-prime and non-prime auto loans, allowing lenders to enhance loan volumes while managing risk. Open Lending, with over 20 years of experience, aims to empower financial institutions to expand their auto loan portfolios effectively.

True Wind Capital, a San Francisco-based private equity firm, has announced the promotions of David Hirsch, Will Heldfond, and John Gray to Principal. These promotions reflect the firm's growth, including the successful close of its second fund with $817 million in equity commitments. Hirsch focuses on industrial, government, and marketing sectors, Heldfond on financial technology and healthcare, while Gray specializes in enterprise software and consumer technology. True Wind has completed 10 platform investments and 20 add-on acquisitions since its founding in 2015.

Austin-based Open Lending Corporation (NASDAQ: LPRO) is set to participate in two virtual investor conferences in December 2021. The events include the DA Davidson FinTech & Payments Spotlight Conference on December 2 and a fireside chat at the Raymond James Technology Investors Conference on December 6 at 4:00 PM ET. Interested investors can access the Raymond James discussion via the company's investor relations website. Open Lending specializes in loan analytics and risk-based pricing for auto lenders, helping them expand their lending portfolios.

True Wind Capital, based in San Francisco, has successfully closed its second fund, True Wind Capital II, L.P., raising $817 million in equity commitments, surpassing its target. The firm, founded in 2015, focuses on technology investments across various sectors. Fund II includes notable Limited Partners from North America, Europe, and Asia. Significant investments already made include Rover Group (NASDAQ: ROVR) and AIA Contract Documents. True Wind's first fund raised $558 million in 2017, with investments in companies like Open Lending (NASDAQ: LPRO) and Zix (NASDAQ: ZIXI).

Open Lending Corporation (LPRO) announced a strong Q3 2021, reporting a 138% increase in certified loans to 49,332 from 20,696 in Q3 2020. Revenue surged by 98% to $58.9 million, with gross profit growing to $52.5 million from $27.3 million. Notably, net income rebounded to $29.4 million compared to a net loss of $(71.1) million last year. The company narrowed its full-year guidance, projecting total revenue between $200 million and $212 million, showcasing resilience amidst market challenges.