Thrive Delivers Landmark Performance Gains for Horizon

New York, NY, October 16, 2017 Thrive Inc. (Thrive) is excited to announce the compelling performance of its digital lending technology, ensuing from its multi-year technology licensing agreement with Horizon Community Bank (HCB), a leading Arizona-based FDIC insured bank and subsidiary of Horizon Bancorp, Inc.

In regards to the performance, highlighted below, Jerry Ernst, CEO of HCB, said: “Thrive’s lending technology has increased our efficiency, loan profitability and improved the small business lending customer experience. Thrive’s technology is best in class and we look forward to continuing our partnership.”

Key Performance Highlights:

  • Application Time: Avg. of 5 minutes, as opposed to days
  • Automated Decisioning: 90% of applications are instantly decided; powered by Thrive’s configurable credit rules based algorithms
  • Time to Decision: <1 Day, as opposed to several weeks
  • Loan Booking Rate: 100%, as applicants prefer the quick digital application and decision process
  • Offer to Close: 1.5 Days, digital closing enables efficiency

Key Portfolio Highlights:

  • Portfolio Interest Yield: Above market interest rates drive loan profitability
  • Customer Acquisition Costs: <$200, driven by leveraging internal bank customers as well as new customers
  • Delinquent/Charge-Off: 0%, effective underwriting and real time loan monitoring is driving modern and powerful risk management while also compressing loan reviews
  • Monthly Origination Growth: 60%, driven by customer demand for a quick, efficient and friendly loan application experience

Kunal Sehgal, CEO of Thrive said: “It has been a very rewarding experience working with Horizon. To date, our key performance indicators have surpassed our expectations. This validates the strength and capabilities of the Thrive platform. As we continue to improve our platform’s capabilities and extend into additional asset classes, these results will continue to improve.”

About Thrive: Thrive is a financial technology company building modern lending infrastructure focused on digital experiences, intelligent automation, workflow efficiencies and real time risk management capabilities.

About Horizon Community Bank: Horizon Community Bank is a locally owned and operated FDIC insured bank with branches in Fort Mohave, Lake Havasu City, Mesa, Parker and Quartzsite. It has almost 80 employees and provides high-touch, customized financial services to those in the healthcare, transportation, real estate, and technology industries, as well as general commercial and consumer services. Horizon Community Bank is a subsidiary of holding company Horizon Bancorp, Inc.

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