INSIKT, a mission-driven financial technology company that offers affordable loans to hard-working families, today announced that it has changed its name to Aura to expand its focus on creating greater financial health, independence and economic stability for millions in America.
“Today, I am excited to share that INSIKT has undergone an extraordinary transformation that starts with a bold new name,” said James Gutierrez, CEO and Founder of Aura. “Aura, like your credit score, may seem invisible, but it matters a lot. Today, we commit to making the seemingly invisible role of credit, approachable, visible, clear, transparent, easy to understand and fair for all. Most financial institutions see borrowers as a number, a risk, a reflection of the past. This says nothing about a borrowers’ potential and where they can go. The difference for us — we see their Aura, not just their credit score. We see them, their potential, and their dreams.”
Since its launch in 2014, INSIKT has provided more than $390 million in affordable, credit-building loans to 320,000 borrowers at over 1,200 partner locations using technology that enables local businesses to administer credit applications.
Now, Aura will build on this success by adding a new consumer product experience that will further empower borrowers and put them on the road to financial security. Recognizing that most of its customers do not know what their credit score is or how much they should save on each paycheck, Aura will provide its borrowers with free credit scores, a summary of what’s in their credit report, and a personalized budget, including expenses, DTI and tips for savings.
Additionally, Aura is launching a new customer loyalty program, known as “Aura Hearts” that offers benefits to borrowers who pay on time such as larger future loans, lower rates, and faster pre-approvals.
“We have worked to ensure Aura makes managing debt a launch-point for personal independence,” said Gutierrez. “We want everyone to see and understand their financial history, reduce fear around personal finance in the communities we serve, and increase borrowers’ ability to navigate the financial system. Aura is here to make sure that borrowers have a true partner on their financial journey.”