A pivotal year of transformation for Concord Servicing
Since the company’s inception more than 30 years ago, Concord Servicing has driven strong loan portfolio performance for customers through our investments in people, innovation, technology and world-class service. As we look back at key highlights from 2022, it is evident this past year was a pivotal one for our organization. We’ve embarked on a new journey toward unprecedented growth and innovation, and we are excited about the opportunities ahead.
Inverness Graham partnership
In February 2022, Inverness Graham, a private investment firm that invests in high-growth, innovative manufacturing, technology, and services companies, became a majority owner of Concord. This exciting partnership is providing Concord with new resources to expand our capabilities and solidify our market-leading position. It also offers an unprecedented opportunity to accelerate the company’s growth and expansion into new areas of business.
“Technology is the engine that drives businesses today,” says Jason Alexander, Concord Servicing CEO. “We want to evolve our business beyond loan servicing to become a key player in the fintech space. To do this, we need to strategically innovate our technology to gain a competitive advantage in the marketplace. With Inverness Graham, we now have the tools to begin that evolution.”
We experienced record-breaking growth in 2022, securing multiple new client relationships in the home improvement and residential solar markets. In addition, we expanded our relationship with key existing accounts through services like Blackwell Recovery collections, lien management, and backup servicing. Notable performance highlights for 2022:
- 15% year-over-year revenue growth
- 20%+ increase in portfolio size
- 100% commitment to our clients’ success
Our strong performance in 2022 leaves us well-positioned for future success, as we work to achieve notable 2023 growth goals while expanding our business into exciting new markets.
New leadership team
In November 2022, Concord introduced a new leadership team to help kick off a new era of growth and innovation at the company. The team’s combined expertise and vision will help advance Concord’s market position and transform the business for the future. Jason Alexander joined Concord as the new CEO, along with Chief Technology Officer/Chief Information Officer Kevin Clark, Chief Innovation Officer Adonis Bitar and Chief Creative Officer Steven Ray.
“As a technology company in the financial sector, we have a tremendous opportunity to add value for our customers by helping them anticipate what’s next for their business,” says Alexander. “This leadership team will be instrumental in helping us to look around the corner and execute on our vision to become a fintech leader.”
We’ve worked hard to earn our reputation as a premier loan servicing provider in the solar, energy efficiency, home improvement and vacation ownership markets. In 2022, Concord made some key investments in human capital and technology that set the foundation for our company’s future. In the year ahead, we’ll continue to enhance our capabilities and increase value for our customers as we explore new ways to grow and transform our business. The future is looking bright in 2023!