SOURCE: Ascend Consumer Finance, Inc.

Ascend Consumer Finance, Inc.

June 10, 2016 15:00 ET

Ascend Adds $11M in Funding to Empower Consumers to Prove Their Real-Time Creditworthiness

Behavioral Economics and Enhanced Underwriting Techniques Enable Borrowers to Save 50% on Monthly Interest Expense

SAN FRANCISCO, CA--(Marketwired - June 10, 2016) - Financial technology company Ascend Consumer Finance, Inc. today announced that it has raised $11 million in follow-on funding. Participants include Mucker Capital, OCA Ventures, Partech Ventures, Tekton Ventures, Cendana Investments LP, and the venture-focused subsidiary of Securian Financial Group. Additional funding was provided through the Financial Solutions Lab, managed by the Center for Financial Services Innovation and JPMorgan Chase.

Led by a team of experienced financial services and technology executives, Ascend will use the funding to further roll out its proprietary Adaptive Risk Pricing technology that empowers consumers to prove their real-time creditworthiness by making sound financial choices. Similar to the use of real-time data and analytics in auto insurance to continually assess and re-price a consumer's risk, Ascend's first product, RateRewards, allows borrowers to reduce their monthly interest expense up to 50 percent by displaying positive financial behaviors -- which Ascend actively tracks and analyzes -- throughout the life of their loan.

"We are excited by the potential of what Ascend is doing for underserved consumers with its RateRewards product," said Jay Choi, Managing Partner, Tekton Ventures. "This innovative lending product represents a much-needed regulatory and consumer-friendly approach that can dramatically improve the financial health of consumers."

"RateRewards is unique in aligning borrower and lender incentives," said Scott Crawford, VP of Product and Marketing for Ascend. "When borrowers adopt better money management behaviors, their financial health improves dramatically. That's great for the borrower, but also for Ascend -- this lower risk profile enables us to provide borrowers with a significant discount off of their monthly interest rate, in exchange for lower defaults on the loans we make." Current RateRewards borrowers who are positively engaged in the program are on track to save an average of $300 in interest expense and have demonstrated an 80% lower delinquency rate for Ascend.

"As we have proven out the initial hypothesis behind RateRewards, we look forward to offering the product to a broader set of the 110 million American consumers classified as 'non-prime,'" said Steve Carlson, CEO of Ascend. "This new funding will be used to accelerate loan origination growth and further enhance the RateRewards user experience."

To learn more about Ascend Consumer Finance and its pioneering RateRewards product, visit

About Ascend Consumer Finance, Inc.

Ascend believes that a less than perfect credit score shouldn't lock you into a high interest rate. The company's pioneering product, RateRewards, enables borrowers to earn up to 50% off their interest expense by making responsible financial choices throughout the life of their loan. Through proprietary technology called Adaptive Risk Pricing, Ascend is able to offer loans at rates that reflect real-time performance instead of past behavior. Based in San Francisco, the Ascend team has significant experience in consumer lending, data analytics, and consumer technology. The company is funded by Mucker Capital, OCA Ventures, Partech Ventures, Tekton Ventures, Cendana Investments LP, and the venture-focused subsidiary of Securian Financial Group. In 2015, Ascend was selected from hundreds of fintech innovators for the inaugural class of the Financial Solutions Lab (, a program managed by the Center for Financial Services Innovation with funding and additional support provided by JPMorgan Chase & Co. To learn more about Ascend, visit

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