Plensy
Plensy is an online platform that allows dealerships to offer non-traditional financing options to their customers through their platform. The company’s founders are looking for long-term growth and have set a goal of $100 Million in loan volume by 2022. They believe that this service will be the future of car buying. August 24, 2021 – Los Angeles, CA – The Los Angeles-based FinTech startup Plensy™ announces the opening of its $25M seed funding round. Plensy’s patent-pending Points-Based Lending System will compete with digital lending platforms and banks by elevating the vehicle buying experience for both customers and automotive dealerships. For 3 years the team has been self-funding the developement of the technology and systems solving problems holding back the adoption of DeFi into the antiquated automotive sector by applying NFTs to Auto Smart Loans. Plensy™.
Plensy’s mission is to replace outdated, discriminatory, and draconian credit scoring and lending systems with a smarter, honest, more ethical, and equitable approach to risk assessment and financing, based on real-time data analytics, artificial intelligence (AI), and blockchain technology using asset-backed Non-fungible Tokens.
The AI algorithm authenticates protocols and information between the dealership and consumer that are inputted into the Plensy™ DMS (dealer management system) with both transparency and secured methods of verification stored on private and public nodes. Instead of a monolithic credit score often based on outdated or inaccurate information and prone to misuse, Plensy™ evaluates prospective borrowers based on their current buying power and true ability to repay a loan.
Plensy™ not only brings innovation and a fresh perspective to risk assessment but also revolutionizes the broader credit and finance market by tokenizing with NFTs (converting to a digital format), coined as Smart Loans into programmable, yield baring, new and attractive digital asset class which can be purchased and sold on a state-of-the-art platform cryptographically secured with blockchain technology. The low interest rate that Plensy™ will compete with is desirable among investors looking for a good return on their investments and higher monthly income for dealerships.
Plensy’s Unicorn pedigree includes addressable market, scalability, unfair advantage, timing coincidence, and its founding team:
- Sam Errama, Founder & CEO with 20 years of experience in the Automotive Dealerships and Data Marketing industries,
- Murali Margapuri, Co-Founder & CTO with 20 years of experience as CTO & VP of Citibank / Banamex global, and
- Brandi Kolosky, Chief Growth Officer with 14 years’ experience in Brand Marketing, Capital Raising, Blockchain & Mining Solutions, Global B2B & B2C Business Development and certified in Innovations in FinTech.
Approximately one hundred twenty (120) dealerships have signed agreements with Plensy™, because of their attention in cross-pollinating and growing the $98B DeFi ecosystem together. Some of the largest automotive groups in the United States, which collectively operate over a thousand (1,000) dealerships, are ready to offer Alternative Financing to their consumers, beating the quota goal before the funding round began. Plensy’s current financial model only predicts 1% of the $1.4 trillion auto loan market (300 dealerships) — proving the Plensy™ model is the future of car buying. There isn’t competition. There is only coopetition.
This new approach creates a net positive social and economic impact as millions of previously ostracized consumers are welcomed into the marketplace and new financial opportunities are created for both lenders and borrowers.
In 2015, the US Congress declared credit scoring to be a monopoly controlled by just one organization, FICO. This monopoly provides credit scoring for more than 90% of the top US lenders. FICO’s credit scoring system leaves over 26 million Americans “credit invisible” and an additional 19 million un-scorable.
Sam Errama, Chief Executive Officer of Plensy™, expresses: ”We intend to disrupt the antiquated automotive financing ecosystem by delivering asset-backed tokenized loans.”
More About Plensy™:
Plensy™ is poised to disrupt several trillion-dollar markets with a simplified, fair, and intuitive points-based lending-system that expands marketplaces, diversifies risk, and streamlines the process for everyone involved. This would have enormous economic and social impacts!
More info: https://Plensy.com
For more information on Plensy’s business model or our seed fund, contact Chief Growth Officer, Brandi Kolosky, Brandi@Plensy.com
Media Contact
Company Name: Plensy, Inc
Contact Person: Brandi Kolosky
Email: Send Email
Phone: 800-489-8722
Address:146 W Cypress Ave, Ste 102
City: Bubank
State: CA
Country: United States
Website: https://plensy.com
