The rebrand follows a year of furniture retail partnerships for the company, which provides financial services to customers with subprime credit.
Genesis Financial Solutions, a Beaverton-based financial services company which services credit cards and lending to consumers and suboptimal credit, announced this week that it has rebranded as Concora Credit. The rebrand features a new website, and comes after a year of forming business partnership with retailers looking to service lower-credit customers.
Jason Tinurelli, chief marketing officer at Concora Credit tells Oregon Business over email that the name Genesis Financial Solutions was not performing as well as desired. “As a company, we are 20 years old and have helped millions of people access credit, but our name and branding were not breaking through in the market. We took rebranding as an opportunity to stand out with our name, branding, and ‘Do More’ tag line,” says Tinurelli.
Genesis Financial Solutions was founded in 2001, and specializes in subprime consumer credit and student loans, and work with merchants, retailers, educational institutions and healthcare providers to offer credit to customers with FICO scores between 300 and 689 — scores considered subprime by most financial services providers.
In March of this year, Genesis partnered with Michigan-based Gardner White to become the primary servicer of the furniture retailer’s secondary credit program, which offers revolving credit lines of up to $6,000 and deferred interest programs for customers with lower credit scores.
In May, the company partnered with the Texas-based Upbound Group Inc, owners of lease-to-own furniture retailers Rent-A-Center and Acima, to issue its credit cards to consumers. The Upbound Group reported $979.16 million in quarterly revenue in June, an 8.6% year-over-year decline.
In addition to the partnerships with Upbound and Rent-A-Center, Tinurelli says Concora Credit has two businesses it is looking to expand.
“The Mastercard programs are big and well-known, and we want to continue to expand those markets. On the Private Label Credit Card side, we want to continue growing with Upbound while adding other retailers and healthcare services where a second-look credit card program makes sense to help them do more business,” says Tinurelli.
The company’s credit cards will also be rebranded. According to the release, Concora’s headquarters will remain in Beaverton.