Welcome to our dedicated page for Open Lending news (Ticker: LPRO), a resource for investors and traders seeking the latest updates and insights on Open Lending stock.
Open Lending Corporation reports developments tied to its automotive lending enablement and risk analytics business for financial institutions. The company provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders in the United States, with recurring updates on certified loan volume, revenue, profit share economics, underwriting standards and pricing discipline.
Company news also covers product and platform expansion, including ApexOne Auto, an auto lending decisioning platform designed to serve a broader credit spectrum. Other recurring themes include quarterly and annual financial results, strategic initiatives, customer and lender activity, and board or executive appointments.
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.
Open Lending Corporation (NASDAQ: LPRO) will host a conference call to discuss its third quarter 2021 financial results on November 9, 2021 at 5:00 PM ET. Key executives, including John Flynn (Chairman and CEO), Ross Jessup (President and COO), and Chuck Jehl (CFO), will lead the call. The results will be announced after market close on the same day. The call can be accessed via the Company’s investor relations website and by phone. A replay will be available for two weeks post-call.
Open Lending (NASDAQ: LPRO) reported impressive second-quarter 2021 results, achieving a 177% increase in revenue to $61.1 million and a 199% rise in Adjusted EBITDA to $46.1 million, compared to Q2 2020. The company facilitated 46,408 certified loans, a 148% increase year-over-year. Notably, they recorded a net income of $76.0 million, a turnaround from a net loss of $(49.8) million in the same quarter last year. Open Lending reaffirmed its 2021 guidance, projecting total revenue between $184 million and $234 million, and total certified loans in the range of 161,000 to 206,000.
Open Lending (NASDAQ: LPRO) will participate in Canaccord Genuity’s 41st Annual Growth Stock Conference on August 12, 2021, at 4:00 PM ET. The discussion will focus on their lending enablement and risk analytics solutions for financial institutions. With 20 years in the industry, Open Lending has helped auto lenders enhance loan portfolios. Access the event through their investor relations website.