Welcome to our dedicated page for Open Lending Corporation news (Ticker: LPRO), a resource for investors and traders seeking the latest updates and insights on Open Lending Corporation stock.
Open Lending Corporation Common Stock (NASDAQ: LPRO) is a prominent player in the financial technology sector, providing automated lending services to financial institutions across the United States. Founded in 2000 and headquartered in Austin, Texas, Open Lending specializes in loan analytics, risk-based pricing, risk modeling, and automated decision technology, primarily for automotive lenders.
The company's flagship product, the Lenders Protection Program (LPP), is a unique auto lending solution that empowers lenders to increase volumes and yields on near-prime and non-prime auto loans without adding risk to their loan portfolios. By combining sophisticated risk-based pricing models tailored to each lender's financial targets and reliable loan default insurance from AmTrust Financial Services, LPP offers a powerful and secure way to boost loan performance.
Open Lending has received significant recognition for its rapid growth and positive work environment. It has been listed among Austin's Fast 50 growing companies for the past four years and has been named one of Austin's Best Places to Work for the last two years.
Recent achievements for Open Lending include expanding partnerships with various financial institutions and enhancing their technology to provide even more precise risk assessments and improved loan outcomes. These efforts have solidified Open Lending's reputation as a leader in the fintech space, helping lenders reduce losses and improve profitability through innovative solutions.
Financially, Open Lending has demonstrated strong performance, reflecting its robust business model and commitment to innovation. The company's financial health is bolstered by its strategic partnerships, cutting-edge technology, and dedicated workforce.
For investors and stakeholders looking to stay informed about the latest developments, Open Lending's commitment to transparency and regular updates ensures that they are well-informed about the company's performance and strategic direction.
Open Lending Corporation has partnered with Arch Insurance to enhance its Lenders Protection Program, marking the fourth insurance carrier association for the company. The agreement allows Arch to provide credit default insurance, aiming to support auto lenders by expanding coverage options. John Flynn, CEO of Open Lending, expressed enthusiasm for the partnership, highlighting shared missions and potential growth opportunities. Arch Insurance brings over 20 years of experience and strong financial ratings, indicating a solid addition to Open Lending's existing relationships.
Open Lending Corporation (LPRO) reported strong Q1 2022 results, showcasing a 32% increase in certified loans, 14% revenue growth to $50.1 million, and a 11% rise in Adjusted EBITDA to $33.8 million compared to Q1 2021. Despite challenges like semiconductor shortages impacting dealer inventory, the company added 18 new customers and boosted certified loan volume by 166% among top clients. LPRO reaffirms its 2022 guidance, projecting total revenue between $210-$240 million and Adjusted EBITDA of $135-$160 million.
Open Lending Corporation (NASDAQ: LPRO) will host a conference call on May 5, 2022, at 5:00 PM ET to discuss its first quarter 2022 financial results. The call will feature John Flynn, Chairman and CEO, along with key executives Ross Jessup and Chuck Jehl. A press release containing the financial results will be issued after market close on the same day. The call can be accessed via the company’s investor relations website or by phone, and an archive will be available shortly after the event.
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.
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