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Startups Peer-Selected for Investment During Village Capital’s Finance Forward US 2020 Accelerator Program

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WASHINGTON, Dec. 7, 2020 /PRNewswire/ — Village Capital, with support from MetLife Foundation and PayPal, today announced that two startups, Manifest and Home Lending Pal, were selected to receive grant funding as a part of Finance Forward US 2020.

Finance Forward US 2020 is an investment-readiness program that is part of Finance Forward, a multi-year global coalition to support entrepreneurs on four continents who are building tech-enabled solutions to place-based challenges around financial health.

“Over the past decade we’ve seen advances in financial inclusion in the U.S.,” said Marcia Chong Rosado, Future of Finance Practice Lead at Village Capital. “But, simply being included is not enough, especially during a pandemic. We see clearly that the products and services in our communities need to enable people to actually build their financial health — to manage their income, get a loan when they need it, and plan for their financial future. I’m incredibly excited to work with startups like Manifest, Homelending Pal, Dovly, Perch, and Stoovo who are making this a reality for communities in the U.S.”

“MetLife Foundation is proud to support Finance Forward’s entrepreneurs,” said Meredith Ryan-Reid, Head of Financial Wellness & Engagement, MetLife. “On top of being innovative in their use of digital technology, these entrepreneurs are deeply committed to serving low-and moderate-income people and helping those most affected by the pandemic build financial health in these difficult times.”

“Too many people in the U.S. are historically excluded, overlooked and underserved by the financial system,” said Julie Vennewitz-Pierce, Director of PayPal Gives at PayPal. “For the past seven years, PayPal has worked with Village Capital to support entrepreneurs with innovative solutions to improve the financial health of individuals and small businesses around the world. We congratulate the peer-selected companies of Finance Forward US 2020 who are making an impact in the small business community and people across the U.S.”

Manifest and Home Lending Pal were selected for investment by a group of peer entrepreneurs on the final day of Finance Forward US 2020, a 5-week-long virtual venture development program managed by Village Capital in collaboration with MetLife Foundation and PayPal. The 11 entrepreneurs in the program evaluated each other through an investor lens, using eight specific investment criteria that leverage Village Capital’s Abaca Pathway. Manifest and Home Lending Pal were ranked “most investment ready” and will receive $45K each in grant funding from MetLife Foundation. The two companies are focused on the following:

  • Manifest (Chicago, Illinois) makes 401(k) transfers seamless – maximizing retirement outcomes and eliminating administrative hurdles.
  • Home Lending Pal (Orlando, Florida) is utilizing blockchain as part of a protocol for assessing mortgage purchase readiness risk through federated attestation-based identity verification.

Three additional companies, Dovly, Perch, and Stoovo, who ranked 3-5 in the peer review process, will receive $20K in grant funding from MetLife Foundation. These three companies are focused on the following:                                               

  • Dovly (Phoenix, Arizona) is an advanced credit repair engine that tracks, manages, and fixes credit.
  • Perch (Los Angeles, California) helps people improve their credit score, save towards goals, and learn more about personal finances— all in one app.
  • Stoovo (Sunnyvale, California) gives independent workers access to earning opportunities and financial products that reduce income volatility.

The remaining companies that worked to accelerate their businesses as part of the Finance Forward US 2020 cohort were:

  • All_ebt (Pasadena, California) is expanding food stamp use to online platforms.
  • FundBLACKFounders (New York City, New York) is a rewards-based crowdfunding platform for Black-owned small businesses and startups.
  • Golden (San Anselmo, California) is financial care for 50M senior parents – alerting families to secure their loved ones’ financial health – stopping fraud, reducing expenses, paying for healthcare, and increasing income and benefits.
  • Hurry Home (South Bend, Indiana) is the path to homeownership for families looking to purchase their first home valued at $80K or less.
  • Lifesaver (New York City, New York) provides an inside sales platform for community and regional financial institutions in the US.
  • Nickels (Ann Arbor, Michigan) provides digital products that unlock new business opportunities for banks by using behavioral science to improve their customers’ financial health.

For more information, reach out to Rustin Finkler at Village Capital ([email protected]).

About Village Capital
Village Capital helps entrepreneurs bring big ideas from vision to scale. Our mission is to reinvent the system to back the entrepreneurs of the future. Our vision is a future where business creates equity and long-term prosperity. Since 2009, we have supported more than 1,000 early-stage entrepreneurs through our investment readiness programs. Our affiliated fund, VilCap Investments, has invested in more than 100 program graduates, including 8 early-stage US fintech companies like VaultFig Loans, and Finix.

About MetLife Foundation
At MetLife Foundation, we are committed to expanding opportunities for low- and moderate-income people around the world. We partner with nonprofit organizations and social enterprises to create financial health solutions and build stronger communities, while engaging MetLife employee volunteers to help drive impact. MetLife Foundation was established in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. From its founding through the end of 2019, MetLife Foundation provided more than $860 million in grants and $85 million in program-related investments to make a positive impact in the communities where MetLife operates. Our financial health work has reached more than 13.4 million low- and moderate-income individuals in 42 countries. To learn more about MetLife Foundation, visit metlife.org.

About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.

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Verizon bent on TracFone buy even as prepaid brand loses subs

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Verizon remains adamant that its nearly $7 billion acquisition of TracFone will close before the end of the year, yet lawmakers and consumer groups continue to push for conditions on a transaction they deem harmful to consumers.

This is all happening as the object of Verizon’s desire is losing subscribers. During its second-quarter earnings, TracFone owner América Móvil reported a loss of 549,000 prepaid customers at TracFone, which ended the quarter with 20.3 million subscribers compared with 20.9 million at the end of the first quarter.

TracFone’s Lifeline brand, called SafeLink, accounted for the majority of the losses, at 378,000. It’s also the brand most at the center of controversy. TracFone’s largest single brand, Straight Talk, reported losses of 106,000 for the quarter.

According to Wave7 Research, TracFone’s loss is a bad sign for the prepaid sector. Granted, AT&T reported a stellar second quarter, with 174,000 prepaid additions. At Verizon, second-quarter prepaid subscribership increased by 18,000 net adds.

But the management at América Móvil sees consumer activity swinging away from prepaid and toward postpaid, in part due to more Covid vaccinations and the expected changes in spending patterns.

“Contrary to what happened at the peak of the pandemic where wireless subscribers felt more comfortable taking prepaid plans, we are now seeing stronger demand for postpaid which has intensified due to the strong commercial activity and promotions in that segment,” América Móvil stated in its second-quarter report, noting that handset supply limitations was a contributing factor.

RELATED: Verizon ends big 5G upgrade promo

During Verizon’s second-quarter earnings call on Wednesday, Verizon CEO Hans Vestberg reiterated that the company expects to close its acquisition of TracFone by the end of this year. Under an MVNO agreement, Verizon’s network powers the majority of TracFone users, but TracFone uses other networks as well.

On Wednesday, a group of lawmakers sent a letter to FCC Acting Chairwoman Jessica Rosenworcel asking that the transaction, if approved, include conditions that ensure Lifeline subscribers still have a chance to get affordable service under the proposed new ownership. It’s a familiar ask, and Verizon repeated plans to serve those customers.

“The proposed Tracfone acquisition will bring value and benefits to value-conscious consumers in a myriad of ways,” Verizon said in a statement Wednesday after the lawmakers’ letter to the FCC. “As we continue to work through the regulatory review process, Verizon looks forward to providing current and potential TracFone customers with more choices, better plans at flexible prices, and access to our 5G network, all while we expand our offerings to value-conscious and low-income consumers. Lifeline is foundational to the acquisition, and in response to calls for time commitments, Verizon has committed to the Lifeline program for at least three years.”

Looking for growth 

Considering TracFone’s lower subscriber numbers and Verizon’s historically negative stance on prepaid, one has to wonder why Verizon is so intent on buying TracFone. Traditionally, Verizon has not only shied away from prepaid, it’s practically shunned it.  

Like any acquisition, the hopeful owners think they can do a better job making the company profitable. And part of it has to do with the changing of the guard in Verizon’s leadership, said Bill Ho, principal at 556 Ventures. Both CEO Vestberg and Ronan Dunne, EVP and Group CEO of Verizon Consumer, started their careers in Europe, where operators led the prepaid industry.  

Indeed, in talking about TracFone at an investor event last year, Dunne noted his experience in the U.K. market, where he was CEO of Telefónica UK (O2) before joining Verizon in 2016. The U.K. market was more than 70% prepaid when he first started in the business. Eventually, that swung to about 30% prepaid as consumers migrated to postpaid.

RELATED: Verizon gives a few more clues about Tracfone acquisition

Historically, U.S. prepaid plans were targeted at those with no credit or bad credit, and churn was notoriously high. That’s in contrast to postpaid, where operators like having the customer put their monthly bill on autopay; churn goes down because it’s automatically linked to that account or credit card.  

Nowadays, prepaid churn is more manageable and for Verizon, it can be a source of growth. “From a business standpoint, Verizon, which is really conservative, is going on a limb, going into prepaid,” where there’s lower ARPU than they’re used to, and they’re inheriting the Lifeline program, Ho said.

Surely, Verizon management believes they can make TracFone more profitable than the existing owners, leaning on their own “owner’s economics” to lower costs. Verizon often talks about its Networks as a Service platform, where it can drive down costs and therefore make a profit as the number of subscribers on its network grows.

RELATED: Verizon’s Dunne argues for TracFone purchase to FCC’s Rosenworcel

“The question is, can they drop the cost down to serve those customers and then make a decent profit,” Ho said. TracFone’s success historically has been in Straight Talk, the brand sold at Walmart and elsewhere, with attractive ARPUs in the mid-$30s. The other brands will need to contribute as well.

Broadly speaking, the demand for prepaid has gone back and forth over the years, and the line between postpaid and prepaid certainly has blurred. “To some extent, the blurring is the plan,” he said, referring to increasingly similar monthly plans offered to both post and prepaid customers.

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Global Credit Repair Services Market 2021

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Credit Repair Services

The worldwide Credit Repair Services market 2021 study is a comprehensive document that supports and facilitates the assessment of all aspects of the Credit Repair Services market. It provides a picture of the Credit Repair Services market’s foundation and framework, as well as the market’s positive and restrictive factors for global and regional growth. It examines numerous producers, syndicates, organisations, suppliers, and industries in the Credit Repair Services industry to determine the present state of the market.

In addition, the worldwide Credit Repair Services market 2021 research includes valuable data on segmentation, distribution networks, projected growth patterns, monetary and commercial terms, and a slew of other key aspects pertaining to the Credit Repair Services market. The research also contains detailed information on the two most important Credit Repair Services market segments: {Collections, Late Payments, Charge Offs, Liens, Bankruptcies, Judgments, Repossessions, Foreclosures, Others} and {Private, Enterprise}.

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Furthermore, the study provides crucial information about the major Credit Repair Services market competitors who compete on a local and global scale. The following is a list of significant participants, as well as developing players, in terms of production sales, procurement, earnings, and after-sales services: Lexington Law, USA Credit Repair, MyCreditGroup, Veracity Credit Consultants, MSI Credit Solutions, CreditRepair.com, Better Credit Service, The Credit People, The Credit Pros, Ovation, TransUnion, Sky Blue Credit Repair

By segmenting the worldwide Credit Repair Services market, the global market research paper systematically describes the market evolution trend. Key elements on which market growth is expressly reliant are one of the most essential aspects addressed by the researchers in the Credit Repair Services market analysis. The factors affecting market actors vary by region, resulting in the study being segmented into several sectors.

The following aspects are given with full analysis from the Credit Repair Services market research reports:

Production Analysis – The beginning of this Credit Repair Services is examined based on the most important countries, types, and applications. The pricing analysis of various Credit Repair Services market main players will be completely covered in this study.

Profit and Sales Analysis – Earnings and sales for key components of the international Credit Repair Services market are validated. Another important factor, price, which has a significant impact on sales growth, can be evaluated in this section for many regions.

Segments and Benefits — Continuing with the profits theme, this paper examines the design and ingestion of its Credit Repair Services market. The differences between usage and supply, export and import data are also highlighted in this research.

Many global Credit Repair Services industry – leading players have been evaluated in this area based on their company profile, product portfolio, ability, pricing, cost, and revenue.

Other Analysis – In addition to the foregoing data, demand, and supply analysis for the Credit Repair Services economy, contact information for significant producers, suppliers, and consumers can be assigned.

Impact Analysis of COVID-19:

The impact of COVID on market growth and development is well illustrated in this research for a better understanding of the Credit Repair Services market based on financial and industrial analyses. The COVID-19 pandemic has impacted a variety of markets, including the worldwide Credit Repair Services market. The dominant companies in the worldwide Credit Repair Services market, on the other hand, are adamant about adopting new tactics and seeking new finance resources in order to overcome the rising barriers to market expansion.

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Report’s Purpose:

– The global Credit Repair Services market is highlighted in this study, with a focus on North America, South America, Africa, Europe, Asia-Pacific, and the Middle East. The market is segmented by producers, regions, type, and application in this report.

– According to the latest research, the international market for Credit Repair Services is predicted to grow at a CAGR of about Value in Percent percent over the next five years, from Value in Dollars million US$ in 2018 to Value in Dollars million US$ in 2028.

– Credit Repair Services will be in high demand in the near future, while the price may fluctuate due to constantly changing raw material and other resource availability.

The following is a list of the contents of the Credit Repair Services Market Report:

Chapter 1: The first section of the report introduces the market by providing definitions, taxonomies, and research scope.

Chapter 2: It includes an executive summary of the Credit Repair Services market, as well as significant findings by major segments and leading players’ top tactics.

Chapter 3: This chapter provides a comprehensive overview of the Credit Repair Services market, as well as market aspects such as Drivers, Restrictions, Opportunities, and Challenges. In addition, the section summarises the findings of various types of analyses, such as PESTLE analysis, Opportunity Map Analysis, Porter’s Five Forces Analysis, Market Competition Scenario Analysis, Product Life Cycle Analysis, Opportunity Orbits, Production Analysis by Region/Company, and Industry Chain Analysis. Last but not least, the segment effectively illuminates Marketing Strategy.

Chapters 4, 5, and 6 : Credit Repair Services Value & Volume ((US$ Mn & ‘000 Units)), Share ( percent ), and Growth Rate ( percent ) Comparison by Type, Application, and Region (2021-2028).

Chapter 7: focuses on the market’s competitive landscape, market share analysis, and leading company profiles.

Chapter 8: In this section, we’ve included a variety of research procedures and approaches that were utilised in the study.

Inquire To Know Additional List of Market Players Included, Request Here:: https://www.marketresearchstore.com/inquiry/credit-repair-services-market-786765

About Us

Market Research Store is a single destination for all types of industries, global, and regional reports. We feature large repository of latest industry reports and market statistics published by reputed private publishers and public organizations.Market Research Store is the comprehensive collection of market intelligence products and services available. Our vast database of reports enables our clients to benefit from expert insights on global industries, products, and market trends.

Our Research Specialists have thorough knowledge about offerings from different publishers and different reports on respective industries. Our enabled team will help you refine search parameters and get desired results at your fingertips. Apart from the published market research reports, we also provide customized study on any topic to meet the varied and niche requirements of our clients. Whether you are looking for new product trends, competitive analysis or study on existing or emerging markets, Market Research Store has best offerings and expertise to get the critical information for you. You can also choose the option to purchase full reports or sections from the report to match your specific requirements.

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Do Auto Lenders Look at Your Other Debts?

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Yes, auto lenders do care about your other debts and obligations. They factor it into your debt to income ratio, which has a say in whether or not you have enough income to repay a loan and vehicle expenses in tandem with your other monthly debt payments.

What Kind of Debt Do Auto Lenders Consider?

When you apply for a car loan, the lender takes a look at your situation, income, and credit reports. Most bad credit auto lenders require that you have around $1,500 to $2,500 of monthly income (before taxes), but their credit score requirements can vary.

Something that all lenders require is that you have enough income to repay the car loan while still keeping up with your other monthly payments. Your debt to income (DTI) ratio is a calculation that shows lenders how much of your income is being used by the bills you pay. Your monthly gross income is divided by your monthly debt payments. If less than 45% to 50% of your monthly income is going to be taken up with your projected car payment and other debts, then you’re on the right track to get approved for a car loan, income-wise.

Debts and monthly bills that auto lenders typically consider include:

  • Rent or mortgage paymentsDo Auto Lenders Look at Your Other Debts?
  • Insurance premiums
  • Active auto loans
  • Credit card minimum monthly payments
  • Student debt payments
  • Alimony or child support payments

Utilities, on the other hand, aren’t included. So things like groceries, electric bill, and water bill aren’t added to your DTI ratio calculation.

Does the Number of Debts Matter?

How many active credit lines you have doesn’t typically matter as much to your DTI ratio, since the amount you have to pay each month is what’s factored in. Say you have five credit cards, but their balances are all very low. This could be seen as you successfully managing multiple credit lines and bode well for you.

In fact, having multiple active credit lines is good for your credit score, as long as they’re being managed and you can comfortably afford them all.

However, if you have high balances on your other monthly obligations and high monthly payments, it could push your DTI ratio out of balance.

Lowering Your DTI Ratio

If you already have a lot of monthly payments and are worried about meeting an auto lender’s requirements, then here are some tips.

  • Pay down your credit cards before applying – If you have high credit card debt, try paying it down as much as possible. Not only does having revolving credit accounts with balances higher than 30% of their spending limits harm your credit score, but paying down your balances proves you can handle credit. If your credit cards have a zero balance, then you don’t have a minimum payment to make each month – which improves your DTI ratio!
  • Have additional income? Include it – While most auto lenders only accept one source of income to meet income requirements, additional income from other jobs or unearned income, such as Social Security, can typically be used to lower your DTI ratio. Include all of your income sources on a car loan application.
  • Consider a co-borrower – If you have a spouse or life partner, you may be able to include them in the auto loan application as a co-borrower. Co-borrowers combine their incomes to meet income requirements and share responsibility for the auto loan and vehicle together.

Having too much debt you have to pay each month can influence your approval odds for a car loan. Paying down your monthly obligations is one of the better ways to improve your DTI ratio, or adding other income to the auto loan application.

Looking for Car Loan Connections?

While having enough income and a low enough DTI ratio are all great, your credit score matters, too. If your credit score isn’t high enough, it could mean getting turned down for vehicle financing despite having a solid financial situation.

But you may not be out of luck just yet.

Here at Auto Credit Express, we’ve created a coast-to-coast network of special finance dealerships that assist borrowers with credit challenges. We’ll look for a dealer in your local area after you complete our free auto loan request form. Don’t let your credit get in the way of your next car loan, and get started with us today!

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