Chevy Part X Sun, 09 Jan 2022 10:49:06 +0000 en-US hourly 1 Chevy Part X 32 32 Too low a ceiling eliminates access to necessary loans Sun, 09 Jan 2022 07:02:34 +0000

Those calling for a 36% rate cap on most forms of consumer credit here in New Mexico rarely, if ever, cite hard data to support claims that a rate cap will help consumers. Their goal is laudable: to provide greater financial security to all New Mexicans. I also support this goal, but a 36% rate cap is not the way to achieve it.

The point is that a cap rate of 36% would be bad for New Mexicans, especially for low-income households with little or no credit who are more likely to use small credit for daily needs, including car payments, fuel and medical expenses. I saw him every day in the service of my district. According to Experian (, more than a third of all New Mexico consumers have subprime credit scores, which means they likely wouldn’t qualify for a loan below the 36% limit. which would essentially deprive them of safe and reliable access to credit.

Data showed that the 36% cap failed in other states. In states that have imposed interest rate caps, there has been a demonstrable reduction in access to credit, affecting poverty levels and financial stability. In Georgia and North Carolina, which have cap rates, people “wrote more bad checks, complained more about lenders and debt collectors, and filed for Chapter 7 bankruptcy at a higher rate.” “, according to Additionally, the North Carolina Banks Commissioner for Consumer Finance 2018 annual report found access to loans under $ 1,000 (denied) because lenders were pulling out of the market. ( Further, the Federal Reserve has discovered that a 36% rate cap is not applicable to reputable lending institutions and hurts the very people those caps were meant to protect.

So why, given what we know, do some in New Mexico continue to focus on a 36% cap as a solution? Partly because they don’t understand how interest rates work. For loans under $ 2,000, the affordability of the loan is best judged by its duration and the monthly amount owed, not by the interest rate. Rates are a function of time rather than a measure of the cost of a loan. Take the example of a consumer who borrows $ 100 today and pays $ 1 in interest. In case of repayment in one year, the APR is 1%. Repaid in one month, the rate is 12%. Repaid one day after issuance of the loan, the APR is 365%. Same dollar interest, very different APRs. Consumers must be protected from bad actors, but not with policies that ignore their legitimate need for access to credit and endanger their economic security.

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The Chevrolet Off-Road Concept Could Have Looked Like This Sat, 08 Jan 2022 23:58:00 +0000

The Chevrolet Off-Road Concept, formerly known as the Beast, made its debut at the 2021 SEMA Show in Las Vegas. The concept vehicle’s military-inspired styling, paired with 650 horsepower and premium off-road performance gear, made it a vehicle that has been in the spotlight since November. However, as part of General Motors Design presenting concept sketches on their Instagram showing the early ideas for the all-terrain vehicle, we now get a design that moves away from the military style and adopts a more modernized buggy look.

Previously we had a sketch of Jayme Starbody, which wasn’t that far removed from what the final product ended up being at the SEMA Show 2021. Now we get two renderings of Starbody, which gives the Chevrolet Off-Road Concept a more futuristic appearance. Sitting a little lower to the ground with a widened stance created by the huge all-terrain tires. Two spare tires are fitted to the rear and covered with a sort of split trunk lid. The overall exterior of the render looks slightly like the Silverado EV in some ways, with the curves on the fender and headlights.

It’s hard to say which one we like the most. Of course, both have their own appeal, but overall we can see why Chevy has gone for a more army-inspired styling with a few modern touches to enhance the user experience.

Chevrolet Off-Road Concept: Details

The Chevy Off-Road Concept features a 650-horsepower Chevrolet Performance LT4 supercharged V8 engine, paired with a 10L90 10-speed automatic transmission. There is also a two speed transfer case which was also included in the build. High-speed sandy bump handling is a long-travel all-terrain five-link suspension system. The concept vehicle also features a widened track measuring 91-inch and 20-inch beadlock wheels with 37-inch off-road tires wrapped around them.

If you’re wondering if Chevrolet will ever make this vehicle more than a concept, there’s a chance it will, as one Chevrolet Performance engineer put it to ‘make your voice heard’ if you want to. to put in production.

]]> Spouting Rock Asset Management acquires majority stake in Old Hill Partners Fri, 07 Jan 2022 20:13:13 +0000

Posted on 07/01/2022

Spouting Rock Asset Management, LLC, (Spouting Rock), a multi-store management platform providing investment solutions and services, announced a merger agreement with Old Hill Partners Inc. (Old Hill), a manager alternative asset focused on asset-based lending transactions with small and medium-sized businesses. A newly formed subsidiary of Spouting Rock, Spouting Rock Alternative Credit, LLC (SR Alternative Credit), will host Old Hill’s asset lending business and serve as investment advisor for existing funds and other investment vehicles. Old Hill. The new subsidiary will be operated by former Old Hill employees Jeff Haas and Peter Faigl as chairman and chief investment officer, respectively. This acquisition will allow Spouting Rock to expand its solutions platform and help complement the needs of clients’ existing portfolio.

Old Hill oversees the origination, underwriting, structuring and oversight of a portfolio of asset-backed loans secured by a variety of consumer and business assets including art loans, auto loans, receivables credit cards, equipment rentals, media tax credits, cash advances to merchants, film copyrights and distribution, pet leases, small business loans, trademarks and unsecured consumer loans.

SR Alternative Credit will seek to identify opportunities for risk-adjusted returns on private debt that are much higher than those available to traditional credit investors. Currently, Old Hill’s asset lending operations target borrowers seeking financing of between US $ 10 million and US $ 50 million and typically feature variable rate coupons and interest rate floors to protect against failure. rising rates, while strong collateral coverage and an appropriate transaction structure address a wide variety of other transaction-specific risks.

Founded by John C. Howe in 1996, Darien-based Old Hill Partners is an SEC-registered investment advisor with significant experience in asset-backed lending and alternative asset management. Prior to founding Old Hill Partners, Howe was Managing Director of Nomura Securities and worked in the government business unit.

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The New Silverado Electric Pickup and Its Competitors Fri, 07 Jan 2022 20:09:11 +0000

Electric cars are an inevitable future. Automakers like Toyota and Tesla have led the way in electrification with their efforts in hybrids and full electrification, respectively, but America wants more than family sedans. Fortunately, there are a number of badass EV vans coming to the market that can help increase the adoption of electric vehicles for people who want to be able to haul cargo or go on a mountain adventure with tons of gear. equipment.

Manufacturers such as Bollinger, General Motors, Ford, Lordstown, Rivian, and Tesla have all already announced their own EV pickups. And while more are sure to come, the days when buying electricity meant sacrificing performance or capacity are over, it has been made clear. Automakers are flexing their battery-powered muscles to prove it.

Here’s a look at three upcoming electric pickup trucks ready to make their mark on the world.

The Chevrolet Silverado

Earlier this week, General Motors announced the newest domestic pickup to hit the market: the Chevrolet Silverado EV 2024. GM wasn’t exactly subtle when it planned to bring in a competitor to compete with the next Ford. F-150 Lightning, and its official announcement shows just how serious the automaker is in clashing with Ford.

The Silverado EV is an amplified version of Chevrolet’s best-selling Silverado pickup, except that it is powered by batteries instead of an internal combustion engine. This new truck will be able to achieve around 400 miles of all-electric range, according to GM, although the pickup will be offered with at least one other smaller size that has yet to be revealed.

And just because the truck is electric doesn’t mean it’ll buzz with lackluster power. An optional twin-engine configuration will deliver up to 664 horsepower and 780 pound-feet of torque to all four wheels.

All that power is good for towing up to 10,000 pounds or a maximum payload of 1,300 pounds. When you’re not towing a trailer or hauling a bed full of mulch, the rugged motor can propel the Silverado EV from zero to 60 mph in just 4.5 seconds, which is as fast as the sporty Cadillac CT4- V.

[Related: The greatest automotive innovations of 2021]

When plugged into a commercial fast-charging station, the truck accepts up to 350 kilowatts of juice. That charge rate can add up to 100 miles of range to the Silverado EV in just 10 minutes, according to the automaker. The energy stored in the battery can then be shared with ordinary household items via an on-board 10-outlet system capable of delivering up to 10.2kW of power. GM says that’s enough to power your home with the right equipment, or even charge another EV.

The base trim for the Silverado EV starts at $ 39,900, but its top-of-the-line RST model starts at $ 105,000. Like the upcoming GMC Hummer EV pickup, the Silverado EV will offer optional four-wheel steering and air suspension. However, the Hummer is built like GM’s electric super-truck, a 1,000 horsepower, crabbing speed demon. The Silverado EV is designed to be a little more conservative to appeal to regular pickup buyers, and that’s exactly what it will do.

The F-150 Lightning Pro. Ford

The Ford F-150 Lightning

Ford was the first of Detroit’s Big Three to electrify a modern full-size pickup truck, and the resulting creation is like a wolf in sheep’s clothing.

The 2022 F-150 Lightning is a very normal looking pickup truck. Underneath that Trojan horse guise is an all-electric powertrain that produces a respectable 563 horsepower and 775 lb-ft of torque. Similar to the Silverado EV, the F-150 Lightning should sprint from zero to 60 MPH in four seconds. Ford says all that horsepower is good for a range of up to 300 miles, provided buyers equip the optional extended range pack.

When plugged in, the F-150 Lightning can accept a charge rate of up to 150 kW. Commercial chargers that can provide this will be able to replenish around 54 miles of range in 10 minutes. While the Silverado EV is poised to accept a significantly higher charge rate of 350 kW, it should be noted that these chargers are much more difficult to find in the wild due to the massive installation cost, although that may change with the recent passage of $ 1 trillion infrastructure. Investment and Employment Law.

This power can also be used to power everyday items when the truck is parked at home or on a job site. With Ford’s Pro Power Onboard Pack, up to 9.6 kW of stored energy can be allocated to power tools, appliances or other household gadgets plugged directly into the truck. And with Ford’s Charge Station Pro option installed in a home, the entire F-150 can act as a portable battery for up to three days in the event of a power failure.

Like the Silverado, the F-150 Lighting’s front trunk, called the Mega Power Frunk, is designed to carry cargo at waist height, making it easy to load and unload. Ford says it can support up to 400 pounds, be accessorized to increase its utility, and can be hosed down for cleaning after a hard day’s work.

[Related: The everyday item behind the design of the F-150 Lightning’s frunk]

The F-150 Lightning is not expected to ship until mid-2022, but Ford says it already has more than 200,000 reservations for the truck. The automaker has since announced that it will nearly double planned production capacity to meet 150,000 orders per year by 2023. Buyers can expect to pay $ 39,974 for the base Pro version, or more of $ 90,874 for the Platinum version.

These powerful new electric pickups are about to shock the market
The Rivian R1T truck. Rivien

The Rivian R1T

While the Silverado and F-150 EVs are yet to be delivered, an electric pickup is actually being produced and delivered today: the Rivian R1T. Amazon-backed EV startup Rivian started delivering its adventure-focused truck last year, and while it’s a newcomer to the truck scene, it’s still a High performance battery pick-up.

Much like the Silverado and the F-150 Lightning, the Rivian R1T offers buyers the option of two batteries. Its standard-equipped “large” battery pack offers a rated range of 314 EPA miles, while its huge “max” pack, which is delayed until 2023, offers over 400 miles.

The engine configuration is unique to the Rivian. Rather than one or two inboard electric motors powering its wheels, the R1T has four hub-mounted motors that power each wheel individually. The result is an astonishing 835 horsepower, 908 lb-ft of torque, and a zero to 60 MPH time of about three seconds.

Much like Tesla’s Cybertruck, the R1T focuses on being a pickup that’s a lifestyle product as well. Rivian has even implemented a line of charging stations called the Rivian Adventure Network which, like other DC commercial fast-charging stations, can add a maximum of 140 miles of range in just 20 minutes. Chargers are placed along popular travel routes, but also in adventurous places like state parks. The automaker plans to deploy these chargers to 600 locations by the end of 2023.

Even though Rivian’s pickup has a front trunk, it has even more interesting storage space to brag about. The single gear tunnel spans the width of the truck between cab and bed and is used to store long attachments that require lockable dry storage. Rivian has even built a line of accessories for the Gear Tunnel, such as a portable kitchen that is powered by the truck’s high-voltage battery and can be neatly stowed away when not in use.

[Related: Rivian’s new electric pickup offers a magic sliding camp kitchen]

The R1T starts at $ 67,000 for its Explore package and climbs to $ 83,000 for the Adventure version with its largest battery pack available. Buyers can order the truck today, but be aware that the backlog of 71,000 orders will take some time to fill.

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3 of the biggest questions for Fintech stocks in 2022 Fri, 07 Jan 2022 11:55:00 +0000

It’s been a year for fintech in 2021. Many new public fintech stocks hit huge valuations before dropping back down in the last two months of the year. Overall, however, most fintech companies saw their stocks jump in 2021. In 2022, the industry faces new momentum, in large part because the economy has changed and continues to change quite rapidly. , but there is still a lot of excitement. Here are the three big questions for fintech stocks in 2022.

1. How will credit quality be maintained?

Many FinTech companies provide credit to consumers, whether it’s credit cards, loans, or Buy It Now (BNPL) products that consumers use to buy a good or service and pay for it in cash. multiple interest-free payments. But a lot of fintech companies like Reached, SoFi, and To assert did not become public until after the start of the COVID-19 pandemic. Credit conditions have been incredibly favorable because consumers have saved a lot, received stimulus payments, and the Federal Reserve and Federal Government have pumped billions of dollars into the economy.

But now things are changing. Savings rates have come down, the Fed is cutting its bond buying program, stimulus and enhanced unemployment benefits are exhausted, and Fed members have indicated there could be multiple rate hikes This year.

Image source: Getty Images.

This could start to tire the consumer. Investors are probably keen to get a deeper look at how the credit quality of loans is holding up with new artificial intelligence and machine learning lending platforms. Many fintech lenders have made great promises. While they have kept their promises in some ways, many of their loan portfolios have not gone through a cycle of rising rates.

Specifically, BNPL will be under a microscope, as there have already been reports of a large number of users behind on payments. Although many of these companies do not have loans on their balance sheets, investors and partners may stop buying these loans if they start to deteriorate to higher rates than expected.

2. What will consumer demand be?

Whether on the spending or debt side, it will be interesting to see how consumer demand evolves in 2022. Bloomberg recently reported that consumer spending in major cities was up 15% from 2019. Due to a lack of spending in 2020 and money pumped into the system, consumers had excess savings that they were eager to spend after more than a year of lockdown indoors amid COVID lockdowns. They would take vacations when they could, go back to restaurants and bars, get married and go to concerts. I’m sure the new COVID variants will cut spending briefly, but mass immunization has brought the world much closer to normal than it did at the start of the pandemic.

Yet many industries, such as travel and accommodation, have not fully recovered. Although consumers are currently in great shape, they are not as bloated as they used to be and inflation has caused prices to skyrocket which could dampen demand. On the flip side, for mainstream fintechs, lower savings mean more lending, and credit card applications recently hit a pandemic high. Despite this, this year’s economic growth is still a question.

Not so long ago, some banks started cutting their gross domestic product (GDP) estimates for 2022. Goldman Sachs, for example, still forecasts a growth of the US economy of 3.8% in 2022, which is very strong compared to historical growth. If Goldman’s forecast comes true, the impact of inflation and higher rates might not be that bad. But with so many competing economics, demand is a key trend to watch when it comes to fintech.

3. What role will the evaluation play?

Fintechs like Affirm and Upstart – and SoFi to a lesser extent – saw their stock prices rise last fall to reach sky-high valuations, which quickly collapsed as the economic outlook shifted. Now, there is debate as to whether these companies have been oversold, with Affirm and Upstart falling almost 43% and over 60%, respectively, since early November.

After the steep declines, Affirm is trading at around 19 times futures earnings and Upstart is trading at around 10 times futures earnings. This is much more reasonable than before, but again, it could also be in anticipation of much more difficult market conditions this year. Buying fintech stocks at cheaper valuations makes sense, but it will be interesting to see whether investors are more likely to engage in fintechs that are undervalued or with higher valuations. The other possibility is that the industry will continue to move as a group, which it has largely done in the last two months of 2021.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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GM CEO Says First Edition Silverado EV RST Sold Out In 12 Minutes Fri, 07 Jan 2022 10:16:00 +0000

There is a marketing trick that is becoming more and more popular with automakers and that is, a model that they haven’t even launched yet – usually a limited-edition version – has sold out. in a few minutes.

We’ve seen this trick implemented by many automakers recently, especially when it comes to upcoming EVs, and General Motors is no exception.

After announcing in September 2021 that the Cadillac Lyriq Debut Edition 2023 sold out in just over ten minutes – without disclosing how many vehicles were in that launch edition – GM now takes another page from the same book and says the Chevrolet Silverado EV 2024 RST First Edition sold out in 12 minutes.

The announcement was made by GM CEO Mary Barra in an interview with Bloomberg.

“The reception has been great, the first edition of the RST sold out in 12 minutes and reservations continue to arrive, so we are very excited about the response we are getting as it is about a basic EV truck that has so much capability we’re excited to share with the world.

Unfortunately, Barra did not disclose how many units are in the 2024 Chevrolet Silverado EV RST first edition, so she could be talking about tens, hundreds, or even thousands of pickup trucks. The automaker plans to begin deliveries of the limited-run truck in fall 2023.

Let’s not forget that GM claims deliveries of the GMC Hummer EV pickup started in December – which is technically true – and yet company statistics for the last quarter of 2021 revealed that it delivered. only one Hummer EV.

During the same TV segment, host David Westin asked Barra if it’s important for GM to catch up with Ford when it comes to the full-size pickup (deliveries of the F-150 Lightning begin this spring).

“When you look at the EV racing, we’ve already had the Bolt for several years and now the Bolt EUV, we’re shipping Hummers right now, the Cadillac Lyriq will be out in a few months and then early next year we will have not only the Silverado, but also the Chevrolet Blazer EV SUV as well as the Equinox. So I’m very excited about all of the EVs we have to come and that’s why I’m so confident by the middle of the decade that we’ll be the leader in EVs.

That’s a very ambitious target coming from a company that delivered just 26 electric vehicles in Q4 2022: 25 units of the Chevy Bolt EV / EUV and a single GM Hummer EV truck. Having said that, it would be a mistake for anyone to underestimate GM’s industrial strength; once production of these next electric vehicles kicks off, deliveries will increase exponentially.

Chevrolet to bring battery-electric versions of Equinox and Blazer in 2023 Thu, 06 Jan 2022 23:15:00 +0000

At this week’s Consumer Electronics Show, Chevrolet unveiled the Equinox EV. He also confirmed the arrival of a Blazer EV. Both are set to debut in 2023.

EV additions bolster Chevrolet’s upcoming electric options, continue to build a more sustainable and achievable automotive vision for future drivers.

Unfortunately, little has been announced on either new battery-powered electric compact SUV. But we do know they’ll both be built on GM’s new Ultium platform. This underpins its wide range of fully electric vehicles.

We already know that the Ultium EV architecture – with its skateboard-like design of floor-mounted batteries – forms the electrical basis for other GM products. These include the GMC Hummer EV, Cadillac Lyriq, and just revealed Chevrolet Silverado EV.

2024 Chevrolet Equinox EV RS; (photo / Chevrolet)

We don’t know the mileage range that will be offered in the new Equinox or Blazer. But we do know that GM claims more than 300 miles of range on Ultium platform vehicles.

However, current vehicles are considerably larger than the compact Equinox and Blazer models. For this reason, we expect a range of over 200 miles for these new models.

The new Chevy EV compact crossovers / SUVs will compete directly with the Ford Mustang Mach-E (range 224 to 314 miles) and the Tesla Model Y (range 244 to 330 miles).

Chevrolet Equinox EV 2024
Interior of the Chevrolet Equinox EV RS 2024; (photo / Chevrolet)

Here are the details we know so far about these next two electric vehicles from Chevrolet.

Chevrolet Equinox EV 2023

2024 Chevrolet Equinox EV LT
2024 Chevrolet Equinox EV LT; (photo / Chevrolet)

With a starting price of around $ 30,000, the 2023 Chevrolet Equinox EV appears to be one of the most affordable over 200-mile EVs on the market.

In spring 2023, the Equinox EV will be released in both fleet and retail versions, including the popular LT and RS versions.

2024 Chevrolet Equinox EV LT Interior
Interior of the Chevrolet Equinox EV LT 2024; (photo / Chevrolet)

“Equinox has always played an important role for Chevrolet as the second best-selling brand,” said Steve Hill, Chevrolet vice president.

“Providing an affordable EV option in the industry’s largest segment proves that Chevrolet is going to make EVs accessible to everyone. “

Chevrolet Blazer EV 2023

Chevrolet Blazer Premier 2022
We have little doubt that the 2023 Blazer EV will be styled very similar to the Chevrolet Blazer 2022 currently on the market, shown here. The large grille to cool the engine will obviously not be necessary. This will likely change on the new VE; (photo / Chevrolet)

Chevrolet has released even less information on the new Blazer EV. And unfortunately, no images have yet been released either. In addition, the Blazer has become one of the best-selling Chevrolet crossover models. In our opinion, it is not surprising that he was one of the first to benefit from the fully electric treatment.

The Blazer EV will arrive in showrooms in fall 2023 and the Equinox EV will arrive in spring 2023.

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Wide ’67 Chevy Camaro “Beast” gives a lot of electric blue or burgundy CGI ideas Thu, 06 Jan 2022 09:47:00 +0000 For many classic GM enthusiasts, nothing beats the experience of owning an original first-generation Chevrolet Camaro. For those who don’t mind tampering with OG tails, a restomod awaits around the corner.

A digital corner, in this case. Emmanuel Brito, the virtual artist better known as personalizatuauto on social networks, seems to have a difficult situation. The CGI expert apparently struggles to pick the coolest shade for a slammed and widened 1967 Camaro. So let’s give him a hypothetical helping hand, shall we?

Unfortunately, we don’t know if these new concept views of its latest Chevrolet project are just wishful thinking or the glimpse of a real world view. Without any indication of the latter, let’s just assume the former, at least until (hopefully) proves otherwise. Of note, as if recording our opinion that he’s especially enthusiastic about the Fox Body Mustangs and Chevy Novas, here’s a little chance at the Camaro’s pace.

And the pixel master wasted no time in bringing some neat nuances to virtual life that we can choose from. The fuller version sees the first-generation Camaro 67 dressed in elegantly dark burgundy paint. It’s subtle but still allows everyone to experience digital Chevy restoration goodies.

The main one (since we don’t know anything about the proposed powertrain) would be the wider fenders, as well as the aerodynamic parts in the front and rear. While her slammed widebody atmosphere would leave little doubt whether or not she was a member of the restomod community, there are other modern clues.

Such as the LED infused quad headlights or the square configuration of the central dual exhaust and the corresponding tail light treatment. No interior point of view has been put forward, but there is a major alternative. While the burgundy version has blue calipers, the second visualization idea is doing a switcheroo. Now the body is electric blue with lots of chrome accents and the brake elements are crimson. So which do you prefer?

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Petal Approaches Unicorn Status with $ 140 Million in New Capital to Overthrow Traditional ‘Broken’ Credit System – TechCrunch Wed, 05 Jan 2022 20:41:07 +0000

In recent years, startups have multiplied trying to make credit more accessible to consumers.

One of these startups, Petal, today announced it has raised a $ 140 million Series D funding round.

The company’s new valuation is $ 800 million, more than triple the value of Petal when it announced a $ 55 Million Series C Round in September 2020, according to a source close to the transaction.

Founded in 2016, New York-based Petal offers two Visa credit card products aimed at underserved consumers with little or no credit history. The startup says its goal is to help people “build credit, not debt.” And it offers that credit based on cash flow rather than credit scores. TomoCredit, which TechCrunch also covered, has a similar model. (Cards are issued by FDIC member WebBank).

Specifically, Petal offers “modern” Visa credit cards, as well as a mobile application, designed to help people create credit and manage their finances “responsibly”.

Its latest increase follows a year in which Petal tripled its user base and more than quadrupled its revenue, from $ 11 million to almost $ 50 million. Today there is nearly 300,000 holders of the Petal card, which the company calls “members”. It added 10,000 to 20,000 new members per month, according to Jason Gross, co-founder and CEO of Petal. Petal’s members are largely digital-native consumers who are building up credit for the first time, although the startup has served many other customer segments as well, including those looking to rebuild their credit, Gross noted.

Petal operated quietly until the launch of its first product and the announcement of its first financing, in September 2017. The company says its technology analyzes banking history – assessing creditworthiness by taking into account income, expenses and a person’s savings to help people qualify. even if they have never used credit before. It’s dubbed the “CashScoring” process and says the approach makes credit available to more people and “on terms that suit each person’s unique financial situation”.

Image credits: Petal

The majority of Petal members had little or no credit history when they first applied for a Petal card, and over 40% of new members approved for a Petal card in 2021 first signed up. seen a loan refused by a major bank, the company said. The company says members who joined without a credit history achieved an average credit score of 676 – a “top notch” rating qualifying them for auto loans, mortgages “and other financial opportunities previously out of their hands. scope ”.

Petal’s CashScore became a product in its own right in 2021 when the company announced the launch of its first B2B business service, Prism data. This new B2B platform, designed to help other fintech startups and financial institutions use Petal’s “CashScoring” technology to develop their own businesses, went to live early 2021 and is described as a “sister company” by Gross. He went on to say that Prism is a “next-generation data intelligence platform that translates raw transaction data into actionable insights and scores,” making CashScore ™ technology “available to the wider market for the first time. time “.

Erin Allard, who previously held executive positions at Bloom Credit, Green Dot and The Bancorp, has been appointed CEO of the company and will lead Prism Data. Petal now has over 160 employees, doubling its team in the past year.

“We are following in the footsteps of other fintech companies like Lithic and Upstart who have created significant new B2B platforms by producing the new technologies they initially created to solve their own problems,” Gross told TechCrunch.

In addition, he added that Prism Data was founded on the belief that open banking and access to transactional data of authorized bank accounts by consumers will change the way consumer credit works.

“With this change, the credit score of the future will be a comprehensive, real-time and holistic assessment of a consumer’s financial situation, including income, cash flow and assets, in addition to the history of debt and repayments, ”Gross said. “Prism Data exists to give financial providers the tools they need to build next-generation products and capabilities. “

Tarsadia Investments led Petal’s Series D funding, with participation from Valar Ventures (who led its Series C), CUNA Mutual, Encore Bank, Volery Capital Partners, Gopher Asset Management, RiverPark Ventures, Afore Capital, Gaingels and ” a number of other new and existing investors. To date, Petal has raised over $ 240 million in equity and over $ 450 million in debt financing.

Rishi Reddy, venture capital and growth investment manager at Tarsadia, says the traditional credit system is broken and consumers “desperately need more modern and accessible financial products.”

“In addition to the exponential growth in the number of users, Petal has proven the power of its technology as evidenced by the exceptional credit performance and rapid scale-up of Prism,” Reddy said in a written statement. “We’re excited to overtake Jason and his team as they pioneer a new way to accelerate financial inclusion. “

Gross said Petal is hiring for more than 100 new positions in 2022 and that we will use its capital “to add hundreds of thousands of new cardholders in the coming year.” The company also plans to add new features and benefits to its cards.

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A parent threatens the school principal | News Wed, 05 Jan 2022 05:00:00 +0000

JONESBORO – The principal of Magnet MicroSociety school told police that a parent of one of his students entered and threatened to shoot and beat her and cursed staff members.

The incident happened Monday afternoon at the school, 1110 W. Washington Ave.

Police did not disclose the name of the 35-year-old woman.

As of Tuesday, no arrests were made and the case is under investigation, according to Sally Smith, a public information specialist with the Jonesboro Police Department.

In another case, a 34-year-old man was arrested Monday morning on charges of failing to register as a sex offender.

Joshua Jay Tramble pleaded guilty in March 2016 to failing to register as a sex offender and was sentenced to eight years in prison.

Tramble pleaded guilty in April 2010 to fourth degree sexual assault.

A 45-year-old woman from Jonesboro told police it was robbed and shots were fired Monday night in the 500 block from North Caraway Road, according to a Jonesboro police report.

Police were sent to 2200 block from East Johnson Avenue about a woman who had been robbed at gunpoint. A 2003 Chevrolet Silverado was found with bullet holes in it.

A 39-year-old woman from Jonesboro reported the theft of her vehicle at 6:14 a.m. Tuesday in the 5200 block from Highland Park Circle. The vehicle, a 2008 Ford Escape, is valued at $ 6,000.

A 25-year-old woman from Jonesboro told police someone entered her residence on Monday in the 4300 block from Dena Jo Drive and stole items. Clothing with a total value of $ 310 was taken.

Economic Truck Rental, 3309 Parker Road East, reported Monday morning that four catalytic converters had been cut from the company’s trucks. The total value of the converters was $ 2,400.

A 24-year-old woman from Jonesboro told police someone broke into her residence on Monday morning in the Block 7100 of Willow Creek Lane. A freezer, gaming chair, household items and clothing worth a total of $ 5,000 were stolen.

Police arrested Harold Lee, 23, of the 4400 block of Fox Meadow Cove, and Megan Snearly, 33, of the 1200 block of North Floyd Street, Monday night at the intersection of Poplar Avenue and Vine Street after a traffic stop, according to a police report. Both men are suspected of possession of methamphetamine or cocaine less than 2 grams and possession of drug paraphernalia.

A 55-year-old woman from Jonesboro reported that her sport utility vehicle was stolen Monday morning in the 200 block from South Nisbett Street. The victim said he left his 2018 Nissan Murano running as she entered a residence. When he got out, his vehicle, valued at $ 29,000, which contained $ 500 in change, was no longer there.

A 24-year-old Jonesboro man told police his residence was broken into Monday morning in the 700 block from Stratford Drive. A .22 caliber rifle valued at $ 407 was taken.

Police arrested Cornell Taylor, 37, of the 2000 block of Parkside Drive, Monday afternoon following a traffic stop at the intersection of Kristal and Richardson roads. Taylor is suspected of possession of marijuana with intent to deliver, possession of drug paraphernalia, tampering with material evidence, contempt of court and several traffic violations.