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Progressa Launches Technology Division As It Continues To Be A Leader In Lending Innovation

November 14, 2018

TORONTO--(BUSINESS WIRE)--Nov 14, 2018--Progressa, a Vancouver and Toronto based financial technology company, announces its public launch of its enterprise suite of software solutions for collections enhancement and point of sale finance platforms ( www.progressa.io ). Leading the way is the Company’s Progressa Score™, a 4th Generation proprietary credit scoring model that can assess financial behavior, in real-time, producing the most robust behavioural based credit score for non-prime Canadian consumers in the market. This Score drives the Progressa software suite, empowering business today to offer proactive and socially responsible credit solutions to their consumers and drive healthy financial recoveries as well as improved customer satisfaction and brand loyalty. The Progressa Score is backed by over 6 years, and 120 million actionable data points related to Canadian non-prime consumers with industry leading predictiveness of repayment. The Company’s score will drive nearly $100 million of consumer loan funding before the end of 2018.

CEO Ali Pourdad commented “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. The Company has invested heavily in software over the last 6 years, with the primary benefactor being our lending business; today, doesn’t mark a shift in strategy, rather a natural extension of what our lending business has known and benefited over the course of our history.”

Progressa Engage is the industry’s only loan origination software for collection agencies and debt purchasers, allowing both to offer real-time financing solutions to consumers, with traditionally low credit scores, that may be struggling to repay their debts and experiencing stress, while Progressa Optimize is an industry leading segmentation tool and collection strategy, that allows enterprise to create more effective engagement for their consumers, and drive healthier recoveries as well as protect their reputation. Both Engage and Optimize are used to drive collection recoveries for bank credit cards, telecoms, utilities, and other consumer aged receivables.

Progressa Connect is the only 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, allowing point of sale platforms and originators to offer credit solutions to non-prime consumers in a ‘turnkey’ way. Today Progressa’s platform partners serve Canadian merchants with several thousand store fronts across Canada.

All of Progressa’s software solutions come with world-class onboarding, maintenance, and support, and are backed by bank-grade security and privacy standards.

Learn more about Progressa’s suite of solutions at: progressa.io

About Progressa Named by CB Insights to the 2018 Fintech 250, a list of the world’s top fintech startups, Progressa is Canada’s fastest growing financial technology lender focused on changing the way pay cheque to pay cheque Canadians access and build credit. Since 2013, our mission has been to build a socially responsible consumer finance company that encourages borrowing for the right reasons and that Canadians can be proud of. Our enterprise solutions suite, driven by the 4th Generation Progressa Score™, is built for collection agencies and point of sale finance.

We empower collection agencies to offer proactive solutions and drive healthy recoveries while protecting brand loyalty with industry leading NPS and servicing. For point of sale finance we allow platform partners and other originators to expand their merchant offerings to service non-prime consumers and achieve industry leading approval rates.

Learn more: progressa.io

View source version on businesswire.com:https://www.businesswire.com/news/home/20181114005340/en/

CONTACT: Ali Pourdad, CPA, CA

Co-Founder & CEO

ali.pourdad@progressa.com

604.424.8942

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE OTHER TECHNOLOGY PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Progressa

Copyright Business Wire 2018.

PUB: 11/14/2018 11:00 AM/DISC: 11/14/2018 11:00 AM

http://www.businesswire.com/news/home/20181114005340/en

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