Financial services technology solutions company Fiserv Inc. is officially rebranding its auto division with a new name — Sagent Lending Technology, the company announced today. The new identity is a move toward the company’s goal to turn its focus on the auto segment, Bret Leech, chief executive, told Auto Finance News.
“We needed to launch a new brand because under the Fiserv name we were limited,” Leech said. “We needed to compete with the other divisions on what information we could share.”
Due to the size of Fiserv and the many divisions under the brand, certain segments — like auto — couldn’t be constantly prioritized, he said. A joint venture between Fiserv and Warburg Pincus helped form Sagent Lending Technologies, which will give their captive and lender clients its full attention.
“We’re interested in that auto space and our existing clients will get the attention and recognition they deserve,” Leech added.
Now that the lending solutions company has the opportunity to focus 100% on auto, the brand is looking to further expand its diverse services into more segments including subscription services, powersports finance, and regional banks.
Sagent Lending declined to name the captives and lenders it works with but for reference, “look at the Big Wheels data top 10 list,” Charles Sutherland, chief product officer, told AFN. “Six out of the 10 largest lenders are our clients.
“Just to put that at scale, last year we facilitated 20 million auto credit applications and 6 million contracts were booked on our system, and we support millions of more auto loans on our servicing product,” Sutherland added.8 - Readers Like This Post