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Founder of Plensy™, Sam Errama, has been nominated for an Auto Finance Innovator Award

Plensy™ is proud to announce that its Founder and CEO Sam Errama has been nominated for the AUTO FINANCE INNOVATORS award. This award honors the industry’s movers and shakers and recognizes innovative new developments in the auto finance industry. The honorees will be announced on November 15th, 2021. “It’s an honor to be nominated,” says Sam Errama, Founder of Plensy™. “I’m excited to see what comes of it.”

Sam Errama created Plensy™ to transform the antiquated traditional financial ecosystem, known as the credit score rating, from the current loan processing methodology by offering lending services through the Plensy™ platform. Plensy™ is a completely new and a unique tokenized blockchain technique of disrupting the entire financing concept by removing the old approach of evaluating a borrower’s potential based on their credit score.

In addition, the 2021 Auto Finance Innovators Awards recognizes industry professionals that have made significant technological contributions to their company and the field. It comes on the heels of a year of major innovation in the auto finance industry.

Other notable nominees include, but not limited to, Tanya Sanders, Head of Auto at WellsFargo, Chris Nicotra, Head of Consumer Auto Lending Technology at Capital One, Kevin Singerman, CEO & Co-Founder of AutoFi, and Chris Depperman, VP of Finance & Insurance Operations of Berkshire Hathaway Automotive.

Plensy™ not only brings innovation to risk assessment but also revolutionizes the broader credit and finance market by tokenizing with NFTs as ” Auto Smart Loans”. The Plensy™ token is a digital asset that can be programmed to produce a yield, making it an attractive new class of digital securities.

Plensy™ has reached agreements with over one hundred twenty (120) dealerships in the United States and is pushing forward with an expansion in the $98B DeFi ecosystem. Some of the largest automotive groups in the United States, which collectively operate over a thousand (1,000) dealerships, are ready to offer Alternative Financing to their consumers.

More About Plensy™: 

Plensy™ is poised to disrupt several trillion-dollar markets with a simplified, fair, and intuitive points-based lending-system that expands marketplaces, diversifies risk, and streamlines the process for everyone involved. This would have enormous economic and social impacts! 

https://Plensy.com  

For more information on Plensy’s business model or Seed Fund Round, contact Chief Growth Officer, Brandi Kolosky, Brandi@Plensy.com  

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Plensy™, A Points-Based Lending-System Opens Seed Funding Round to Offer NFT Auto Smart Loans to Dealership Customers

August 24, 2021 – Los Angeles, CA – The Los Angeles-based FinTech startup Plensy™ announces the opening of its $25M seed funding round. Plensy’s patent-pending Points-Based Lending System will compete with digital lending platforms and banks by elevating the vehicle buying experience for both customers and automotive dealerships. For 3 years the team has been self-funding the developement of the technology and systems solving problems holding back the adoption of DeFi into the antiquated automotive sector by applying NFTs to Auto Smart Loans. Plensy™. 

Plensy’s mission is to replace outdated, discriminatory, and draconian credit scoring and lending systems with a smarter, honest, more ethical, and equitable approach to risk assessment and financing, based on real-time data analytics, artificial intelligence (AI), and blockchain technology using asset-backed Non-fungible Tokens

The AI algorithm authenticates protocols and information between the dealership and consumer that are inputted into the Plensy™ DMS (dealer management system) with both transparency and secured methods of verification stored on private and public nodes. Instead of a monolithic credit score often based on outdated or inaccurate information and prone to misuse, Plensy™ evaluates prospective borrowers based on their current buying power and true ability to repay a loan.  

Plensy™ not only brings innovation and a fresh perspective to risk assessment but also revolutionizes the broader credit and finance market by tokenizing with NFTs (converting to a digital format), coined as Smart Loans into programmable, yield baring, new and attractive digital asset class which can be purchased and sold on a state-of-the-art platform cryptographically secured with blockchain technology. The low interest rate that Plensy™ will compete with is desirable among investors looking for a good return on their investments and higher monthly income for dealerships. 

Plensy’s Unicorn pedigree includes addressable market, scalability, unfair advantage, timing coincidence, and its founding team:  

  • Sam Errama, Founder & CEO with 20 years of experience in the Automotive Dealerships and Data Marketing industries,  
  • Murali Margapuri, Co-Founder & CTO with 20 years of experience as CTO & VP of Citibank / Banamex global, and  
  • Brandi Kolosky, Chief Growth Officer with 14 years’ experience in Brand Marketing, Capital Raising, Blockchain & Mining Solutions, Global B2B & B2C Business Development and certified in Innovations in FinTech

 

Approximately one hundred twenty (120) dealerships have signed agreements with Plensy™, because of their attention in cross-pollinating and growing the $98B DeFi ecosystem together. Some of the largest automotive groups in the United States, which collectively operate over a thousand (1,000) dealerships, are ready to offer Alternative Financing to their consumers, beating the quota goal before the funding round began. Plensy’s current financial model only predicts 1% of the $1.4 trillion auto loan market (300 dealerships) — proving the Plensy™ model is the future of car buying. There isn’t competition. There is only coopetition. 

This new approach creates a net positive social and economic impact as millions of previously ostracized consumers are welcomed into the marketplace and new financial opportunities are created for both lenders and borrowers.    

In 2015, the US Congress declared credit scoring to be a monopoly controlled by just one organization, FICO. This monopoly provides credit scoring for more than 90% of the top US lenders. FICO’s credit scoring system leaves over 26 million Americans “credit invisible” and an additional 19 million un-scorable.  

Sam Errama, Chief Executive Officer of Plensy™, expresses: ”We intend to disrupt the antiquated automotive financing ecosystem by delivering asset-backed tokenized loans.”” 

More About Plensy™: 

Plensy™ is poised to disrupt several trillion-dollar markets with a simplified, fair, and intuitive points-based lending-system that expands marketplaces, diversifies risk, and streamlines the process for everyone involved. This would have enormous economic and social impacts! 

https://Plensy.com  

For more information on Plensy’s business model or our seed fund, contact Chief Growth Officer, Brandi Kolosky, Brandi@Plensy.com