Open Lending Corp (NASDAQ: LPRO) is a financial technology company that provides lending enablement and risk analytics to automotive lenders across the United States. The company makes money by charging fees tied to its Lenders Protection Platform (LPP), a cloud-based system that connects credit unions, regional banks, finance companies, and OEM captive finance companies to insurance partners who underwrite automotive loan default insurance in real time. LPP uses proprietary risk-based pricing models built on approximately 25 years of data and over two million unique risk profiles to help lenders extend credit to near-prime and non-prime borrowers, defined as those with credit bureau scores generally between 560 and 699. Since its founding in 2000, Open Lending has facilitated over one million automotive loans representing more than $27.9 billion in originations through LPP. As of the 10-K filed 2026-03-12, the company serves 450 active lenders and is headquartered in Austin, Texas. As of December 31, 2025, the company carried $85.1 million outstanding under a Term Loan due 2027 and reported Adjusted EBITDA of $15.6 million for FY2025.
- Revenue model
- Fee-based revenue tied to the LPP platform, which prices and underwrites automotive loan default insurance by connecting lenders to insurance partners. Revenue is transactional in nature, linked to loan origination volume facilitated through the platform. The company also earns profit-share arrangements with insurance partners, as evidenced by a negative profit share change-in-estimate that materially affected FY2024 results.
- Products and services
- Lenders Protection Platform (LPP): a cloud-based automotive lending enablement and risk analytics platform that provides real-time risk-based interest rate pricing, automated underwriting decisions, and default insurance placement for near-prime and non-prime automotive loans.
- Customers and end markets
- 450 active lenders as of the 10-K filed 2026-03-12, including credit unions, regional banks, finance companies, and OEM captive finance companies. End borrowers are near-prime and non-prime consumers with credit bureau scores generally between 560 and 699 seeking automotive financing in the United States.
- Value-chain role
- Intermediary between automotive lenders and insurance partners. Open Lending sits between the lender originating the loan and the insurer providing default coverage, supplying the risk modeling, pricing, and underwriting decision layer that neither party builds independently.
- Geographic exposure
- United States only, based on filing disclosures. Company is headquartered at 1501 South MoPac Expressway, Suite 450, Austin, TX 78746, with an additional office in Irving, TX.
- Competitors
- Green Dot Corporation, Jack Henry & Associates, Inc., LendingClub Corporation, Pagaya Technologies Ltd., Paymentus Holdings, Inc., Q2 Holdings, Inc., Repay Holdings Corporation, SoFi Technologies, Inc., Upstart Holdings, Inc.
