Tricolor Secures $90M in Equity Funding

Tricolor

Tricolor, a Dallas, Texas-based company that leverages its direct-to-consumer, AI-powered platform to provide the underserved Hispanic market with used motor vehicles and financing, received a $90m convertible preferred equity investment from funds managed by BlackRock, which converts to a minority stake.

The company intends to use the capital to expand its business and its financing options into new markets and geographies, scale its recently launched software-as-a-service (SaaS) business unit, Tricolor Financial.

Led by Daniel Chu, founder and CEO, Tricolor is a mission-driven company that leverages its direct-to-consumer, AI-powered platform to provide the underserved Hispanic market with used motor vehicles and financing. To date, the U.S. Department of the Treasury certified Community Development Financial Institution (CDFI) has disbursed over $1.5 billion in affordable auto loans as part of its mission to empower underserved customers and provide them a path to a better life.

Tricolor and its affiliate Ganas Auto Group operate 50 retail dealerships across 18 markets in Texas, California, and Nevada with a shared services center in Guadalajara, Mexico.

FinSMEs

09/09/202