BEAVERTON, Ore., Nov. 9, 2016 /PRNewswire/ -- On October 20, 2016, Genesis Credit, the leading and largest second-look private label credit business in the United States, announced a major milestone: achieving $1 billion in total originations since the launch of the business in 2012. In four short years, Genesis Credit has built an industry leading organization that provides and supports over 10,000 retail storefronts with flexible, simple and compelling financing solutions for their customers. Genesis celebrated this landmark achievement with a companywide celebration at the Beaverton, Oregon headquarters.
Genesis has met the needs of over 750,000 consumers and reached the $1 billion milestone by building strong relationships and providing exceptional customer support for their retail partners nationwide. Genesis retail partners have significantly grown top line sales utilizing Genesis' easy to use second-look financing programs which feature high approval rates, significantly increased average purchase size and industry leading repurchase rates.
"Achieving this milestone is a proud moment for the Genesis team and validation of our retail partner and customer centric model," said Bruce Weinstein, CEO, Genesis Credit. "We built our company with a different mindset than traditional non-prime lenders. We built a "prime" credit experience using the best practices of prime issuers with a focus on the non-prime customer. We have invested in technology, innovation, platforms and processes to mirror the standards and experience of prime-based issuers."
Genesis Financial Solutions (GFS) recognized an unmet demand after the financial crisis of 2008; individuals with less than perfect credit or limited credit experience were being turned down by traditional prime-based lenders. To fill this financing gap of credit challenged individuals and the businesses who were trying to serve them, GFS expanded into private label credit cards to offer underserved consumers a chance to purchase the products and services they need and deserve. In late 2011, GFS developed the brand Genesis Credit to focus on building and maintaining trustworthy relationships with partners by providing attractive terms, competitive rates, and exceptional customer service.
About Genesis Credit
Genesis Credit is the leader in providing supplemental and second-look financing for credit challenged customers. Genesis offers customers a variety of credit financing solutions with simple terms, competitive rates, and excellent customer service; designed to provide non-prime credit customers with the same financing opportunities as prime credit programs. For more information visit Genesis' website at www.genesis-fs.com.
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SOURCE Genesis Credit