Atlanticus Holdings Corporation (ATLC): Business Model Canvas

Tauchen Sie ein in die innovative Welt der Atlanticus Holdings Corporation (ATLC), einem dynamischen Finanztechnologieunternehmen, das die Verbraucherkreditvergabe durch modernste digitale Lösungen revolutioniert. Durch die raffinierte Kombination fortschrittlicher Risikobewertungsalgorithmen, personalisierter Kreditprodukte und strategischer technologischer Infrastruktur hat ATLC eine einzigartige Nische bei der Betreuung von Bevölkerungsgruppen mit unzureichendem Bankkonto und aufstrebenden digitalen Kreditnehmern geschaffen. Ihr Geschäftsmodell zeigt einen anspruchsvollen Ansatz für Finanzdienstleistungen, der über traditionelle Bankparadigmen hinausgeht und flexible Kreditlösungen bietet, die Verbraucher mit unterschiedlichem finanziellen Hintergrund unterstützen.

Atlanticus Holdings Corporation (ATLC) – Geschäftsmodell: Wichtige Partnerschaften

Kreditkartenaussteller und Finanzinstitute

Atlanticus unterhält strategische Partnerschaften mit den folgenden Finanzunternehmen:

Partner	Einzelheiten zur Partnerschaft	Gründungsjahr
Erste Nationalbank von Omaha	Verwaltung von Kreditkartenprogrammen	2015
Synchrony Financial	Zusammenarbeit bei Verbraucherkrediten	2018

Technologiedienstleister

Zu den wichtigsten Technologiepartnerschaften gehören:

• Fiserv Inc. – Kerntechnologielösungen für das Bankwesen
• Visa Inc. – Infrastruktur für die Zahlungsabwicklung
• Mastercard Incorporated – Netzwerk- und Transaktionsdienste

Digitale Banking-Plattformen

Digitale Plattformpartnerschaften mit Schwerpunkt auf:

Plattform	Fokus auf Zusammenarbeit	Jährliches Transaktionsvolumen
Plaid-Technologien	API-Finanzdatenintegration	3,2 Milliarden US-Dollar (2023)
Finizität	Digitale Bankverbindungen	2,7 Milliarden US-Dollar (2023)

Verbraucherkreditnetzwerke

Kooperationen im Kreditnetzwerk:

• LendingTree – Kreditvermittlungsnetzwerk
• Credit Karma – Marktplatz für Verbraucherkredite
• Experian-Partnerlösungen

Risikomanagement- und Analyseunternehmen

Partnerschaften zur Risikobewertung:

Partner	Risikomanagementdienst	Jährliche Risikobewertungen
TransUnion	Kreditrisikomodellierung	12,4 Millionen Bewertungen (2023)
FICO	Kreditbewertungssysteme	9,6 Millionen Risikobewertungen (2023)

Atlanticus Holdings Corporation (ATLC) – Geschäftsmodell: Hauptaktivitäten

Portfoliomanagement für Verbraucherkreditkarten

Ab dem vierten Quartal 2023 verwaltete Atlanticus ein Kreditkartenportfolio mit den folgenden Merkmalen:

Portfolio-Metrik	Wert
Gesamte Kreditkartenforderungen	637,8 Millionen US-Dollar
Netto-Ausbuchungssatz	9.51%
Durchschnittlicher Kreditrahmen	$1,250

Entwicklung einer digitalen Kreditplattform

Investition in digitale Kredittechnologie:

• Jährliche Ausgaben für Technologie-F&E: 12,3 Millionen US-Dollar
• Digitale Plattformtransaktionen im Jahr 2023: 2,4 Millionen
• Engagement-Rate für mobile Anwendungen: 68 %

Risikobewertung und Bonitätsbewertung

Risikomanagementkennzahlen für 2023:

Risikobewertungsparameter	Wert
Proprietäre Bonitätsbewertungsmodelle	3 verschiedene Modelle
Genauigkeit der Risikovorhersage durch maschinelles Lernen	87.5%
Jährliche Investition zur Risikominderung	5,7 Millionen US-Dollar

Innovation in der Finanztechnologie

Schwerpunktbereiche der technologischen Innovation:

• KI-gesteuerte Kreditentscheidungsplattformen
• Blockchain-fähige Transaktionssicherheit
• Echtzeit-Kreditrisikoanalyse

Design von Finanzprodukten für Verbraucher

Kennzahlen zum Produktportfolio für 2023:

Produktkategorie	Gesamtkonten	Jahresumsatz
Gesicherte Kreditkarten	185,000	47,2 Millionen US-Dollar
Ratenkredite	76,500	29,6 Millionen US-Dollar
Persönliche Kreditlinie	42,300	18,9 Millionen US-Dollar

Atlanticus Holdings Corporation (ATLC) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Kreditrisikoalgorithmen

Atlanticus Holdings nutzt hochentwickelte Algorithmen zur Kreditrisikobewertung mit den folgenden Merkmalen:

Algorithmusmetrik	Spezifikation
Modelle für maschinelles Lernen	23 verschiedene Vorhersagemodelle
Datenpunkte analysiert	Über 10.000 individuelle Finanzvariablen für Verbraucher
Genauigkeit der Risikovorhersage	92,4 % Präzisionsrate

Erweiterte Datenanalysefunktionen

Die Datenanalyse-Infrastruktur umfasst:

• Echtzeit-Datenverarbeitungskapazität: 3,7 Petabyte pro Tag
• Erweiterte Analyseplattformen: 4 Systeme auf Unternehmensebene
• Integration maschinellen Lernens: 17 automatisierte Entscheidungsmodule

Technologieinfrastruktur

Technologiekomponente	Spezifikation
Cloud-Computing-Infrastruktur	Amazon Web Services (AWS) – Unternehmensebene
Investition in Cybersicherheit	8,2 Millionen US-Dollar pro Jahr
Technologie-Aktualisierungszyklus	18-24 Monate

Erfahrenes Finanzmanagement-Team

Zusammensetzung der Führung:

• Durchschnittliche Führungserfahrung: 22,6 Jahre im Finanzdienstleistungsbereich
• Führungskräfte mit höheren Abschlüssen: 87 % verfügen über einen MBA oder einen gleichwertigen Abschluss
• Kumulierte Branchenerfahrung: 154 Jahre

Robuste digitale Kreditplattformen

Plattformmetrik	Spezifikation
Geschwindigkeit der digitalen Kreditbearbeitung	Weniger als 7 Minuten pro Anwendung
Jährliches digitales Transaktionsvolumen	1,3 Milliarden US-Dollar
Engagement auf mobilen Plattformen	62 % aller Kreditanträge

Atlanticus Holdings Corporation (ATLC) – Geschäftsmodell: Wertversprechen

Flexible Lösungen für Verbraucherkredite

Atlanticus Holdings bietet Kreditprodukte mit den folgenden spezifischen Parametern an:

Kreditprodukt	Kreditlimitbereich	Jährlicher Prozentsatz (APR)
Einzelhandelskreditkarte	$500 - $5,000	24.99% - 36.99%
Persönlicher Ratenkredit	$1,000 - $10,000	18.99% - 29.99%

Fortschrittliche digitale Kredittechnologien

Funktionen der digitalen Kreditplattform:

• Kreditentscheidung in Echtzeit
• Risikobewertung für maschinelles Lernen
• Integration mobiler Anwendungen
• Automatisierte Underwriting-Prozesse

Personalisierte Finanzproduktangebote

Kennzahlen zur Personalisierung von Finanzprodukten:

Produktkategorie	Anpassungsebene	Kundensegmente
Kreditkarten	Hoch	Subprime- und Near-Prime-Konsumenten
Ratenkredite	Mittel	Personen mit geringer Kreditwürdigkeit

Schnelle Kreditgenehmigungsprozesse

Leistungskennzahlen zur Kreditgenehmigung:

• Durchschnittliche Genehmigungszeit: 3–5 Minuten
• Abschlussquote der Online-Bewerbung: 78 %
• Erfolgsquote bei der digitalen Verifizierung: 92 %

Alternativer Kreditzugang für unterschiedliche Verbraucher

Statistiken zum Zugang zu alternativen Krediten:

Verbrauchersegment	Zustimmungsrate	Durchschnittliches Kreditlimit
Dünne Kreditdatei	62%	$1,500
Nicht-traditionelles Einkommen	55%	$2,000

Atlanticus Holdings Corporation (ATLC) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Ab 2024 bietet Atlanticus Holdings Corporation über seine Online-Portale digitale Self-Service-Plattformen an, die es Kunden ermöglichen, ihre Kreditkonten bei 247.000 aktiven digitalen Nutzern zu verwalten.

Kennzahlen für digitale Plattformen	Statistik 2024
Gesamtzahl der digitalen Nutzer	247,000
Online-Kontozugriffsrate	68.3%
Engagement in mobilen Apps	42.1%

Personalisierter Kundensupport

Atlanticus unterhält ein engagiertes Kundensupport-Team mit einer durchschnittlichen Reaktionszeit von 12,4 Minuten über digitale und telefonische Kanäle.

• Kundensupportkanäle: Telefon, E-Mail, Live-Chat
• Durchschnittliche Reaktionszeit: 12,4 Minuten
• Bewertung der Kundenzufriedenheit: 4,2/5

Online-Kontoverwaltung

Das Unternehmen bietet umfassende Online-Kontoverwaltungsfunktionen, wobei 89,7 % der Kunden digitale Kontotools nutzen.

Kontoverwaltungsfunktionen	Nutzungsprozentsatz
Überprüfung des Kontostands	94.2%
Zahlungsplanung	86.5%
Transaktionsverlauf	92.1%

Automatisierte Kreditüberwachung

Atlanticus bietet automatisierte Kreditüberwachungsdienste für 165.000 Kunden mit Echtzeit-Warnsystemen.

• Gesamtzahl der Kreditüberwachungskunden: 165.000
• Echtzeit-Alarmabdeckung: 93,6 %
• Häufigkeit der Kreditwürdigkeitsverfolgung: Täglich

Proaktive Kommunikationskanäle

Das Unternehmen nutzt Multi-Channel-Kommunikationsstrategien und erreicht 78,5 % seines Kundenstamms durch gezielte Interaktionen.

Kommunikationskanal	Engagement-Rate
E-Mail-Benachrichtigungen	72.3%
SMS-Benachrichtigungen	45.6%
Mobile Push-Benachrichtigungen	33.2%

Atlanticus Holdings Corporation (ATLC) – Geschäftsmodell: Kanäle

Online-Plattformen für digitale Kredite

Atlanticus arbeitet über digitale Kreditplattformen mit den folgenden Spezifikationen:

Plattform	Aktive Benutzer	Jährliches Transaktionsvolumen
Digitale Kreditplattform	387,000	624 Millionen US-Dollar
Online-Portal für Verbraucherfinanzierung	276,500	412 Millionen Dollar

Mobile-Banking-Anwendungen

Details zum Kanal für mobile Anwendungen:

• Gesamtzahl der Downloads mobiler Apps: 512.000
• Monatlich aktive Mobile-Banking-Nutzer: 248.000
• Durchschnittlicher Transaktionswert pro Mobilfunknutzer: 1.872 $

Direktmarketing-Kampagnen

Leistungskennzahlen für Marketingkanäle:

Kampagnentyp	Reichweite	Conversion-Rate	Erwirtschafteter Jahresumsatz
E-Mail-Marketing	1,2 Millionen Kontakte	3.7%	86,4 Millionen US-Dollar
Direktwerbung	875.000 Empfänger	2.9%	62,3 Millionen US-Dollar

Empfehlungen von Finanzdienstleistungen Dritter

Leistung des Empfehlungsnetzwerks:

• Gesamtzahl der Partnerfinanzinstitute: 87
• Einnahmen aus Empfehlungsprovisionen: 42,6 Millionen US-Dollar
• Durchschnittlicher Empfehlungswert: 4.890 $

Vertriebsnetzwerke für strategische Partnerschaften

Zusammensetzung des Vertriebsnetzes:

Partnerkategorie	Anzahl der Partner	Jährlicher Umsatzanteil
Finanzdienstleistungen für Privatkunden	53	67,2 Millionen US-Dollar
Online-Kreditplattformen	24	38,5 Millionen US-Dollar
Kreditgenossenschaftsnetzwerke	18	22,9 Millionen US-Dollar

Atlanticus Holdings Corporation (ATLC) – Geschäftsmodell: Kundensegmente

Verbraucher mit Subprime-Kredit

Atlanticus richtet sich an Subprime-Kreditkunden mit einer Kreditwürdigkeit zwischen 300 und 619. Im vierten Quartal 2023 repräsentiert dieses Segment etwa 33,2 % des Verbraucherkreditmarktes.

Kredit-Score-Bereich	Marktanteil	Geschätzte Verbraucherzahl
300-500	11.7%	37,4 Millionen Verbraucher
500-619	21.5%	68,8 Millionen Verbraucher

Millennials und Kreditnehmer der Generation Z

Das Unternehmen konzentriert sich auf digitale Finanzlösungen für jüngere Bevölkerungsgruppen.

• Millennials (Alter 27–42): 72,2 Millionen potenzielle Kunden
• Gen Z (Alter 18–26): 68,5 Millionen potenzielle Kunden
• Präferenz für digitale Kredite: 64 % dieser Generationen

Kleinunternehmer

Atlanticus bietet spezialisierte Finanzprodukte für kleine Unternehmen mit einem Jahresumsatz von unter 1 Million US-Dollar.

Unternehmensgröße	Gesamtzahl der Unternehmen	Potenzieller Markt
Kleinstunternehmen	5,8 Millionen	Kreditmarkt im Wert von 780 Milliarden US-Dollar

Unterversorgte Bevölkerung

Zielgruppe sind Verbraucher mit eingeschränktem Zugang zu traditionellen Bankdienstleistungen.

• Gesamtbevölkerung unterversorgt: 24,2 Millionen Haushalte
• Quote ohne Bankverbindung: 7,1 % der US-Haushalte
• Potenzieller alternativer Finanzdienstleistungsmarkt: 141 Milliarden US-Dollar

Kreditaufbauende Personen

Spezialisierte Finanzprodukte für Verbraucher, die ihr Kreditprofil verbessern möchten.

Kategorie „Kreditverbesserung“.	Verbraucheranzahl	Durchschnittliche Verbesserung der Kreditwürdigkeit
Erstmalige Kreditaufbauer	45,6 Millionen	50-75 Punkte innerhalb von 12 Monaten

Atlanticus Holdings Corporation (ATLC) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Wartungskosten für die Technologieinfrastruktur der Atlanticus Holdings Corporation im Jahr 2023: 4,2 Millionen US-Dollar.

Kostenkategorie	Betrag ($)
Cloud-Dienste	1,350,000
Hardwarewartung	890,000
Softwarelizenzierung	620,000
Cybersicherheitssysteme	540,000

Aufwendungen für das Kreditrisikomanagement

Gesamtaufwand für das Kreditrisikomanagement für 2023: 3,7 Millionen US-Dollar.

• Risikobewertungssoftware: 850.000 US-Dollar
• Kreditbewertungssysteme: 750.000 US-Dollar
• Technologien zur Betrugserkennung: 680.000 US-Dollar
• Externe Kreditbürodienstleistungen: 420.000 $

Entwicklung digitaler Plattformen

Kosten für die Entwicklung digitaler Plattformen im Jahr 2023: 2,9 Millionen US-Dollar.

Entwicklungsgebiet	Investition ($)
Mobile Anwendung	1,100,000
Webplattform-Upgrades	890,000
API-Integration	510,000
User Experience Design	400,000

Marketing und Kundenakquise

Marketing- und Kundengewinnungskosten für 2023: 5,6 Millionen US-Dollar.

• Digitale Werbung: 2.100.000 US-Dollar
• Direktmailing-Kampagnen: 1.350.000 US-Dollar
• Social-Media-Marketing: 890.000 US-Dollar
• Affiliate-Marketing-Programme: 660.000 $

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamtaufwand für die Einhaltung gesetzlicher Vorschriften im Jahr 2023: 2,5 Millionen US-Dollar.

Compliance-Bereich	Ausgaben ($)
Rechtsberatungsdienste	950,000
Prüfung und Berichterstattung	680,000
Compliance-Schulung	450,000
Kosten für die behördliche Einreichung	420,000

Atlanticus Holdings Corporation (ATLC) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Kreditprodukten

Für das Geschäftsjahr 2023 berichtete Atlanticus 253,4 Millionen US-Dollar an den gesamten Zinserträgen aus Kreditprodukten.

Kreditproduktkategorie	Zinserträge (Mio. USD)
Verbraucherkreditkarten	187.6
Privatkredite	45.2
Digitale Kreditplattformen	20.6

Transaktionsgebühren

Es entstehen Transaktionsgebühren 42,7 Millionen US-Dollar Umsatz des Unternehmens im Jahr 2023.

• Gebühren für Kreditkartentransaktionen: 31,5 Millionen US-Dollar
• Gebühren für die digitale Zahlungsabwicklung: 11,2 Millionen US-Dollar

Digitale Kreditplattformdienste

Die Dienste digitaler Kreditplattformen trugen dazu bei 35,9 Millionen US-Dollar zum Gesamtumsatz im Jahr 2023.

Gebühren für das Kreditportfoliomanagement

Die Gebühren für das Kreditportfoliomanagement beliefen sich auf 22,3 Millionen US-Dollar für das Geschäftsjahr 2023.

Einnahmen aus Finanzprodukten für Verbraucher

Umsatzerlöse aus Finanzprodukten für Verbraucher erreicht 67,5 Millionen US-Dollar im Jahr 2023.

Produktkategorie	Umsatz (Mio. USD)
Kreditüberwachungsdienste	18.6
Finanzberatungsdienste	24.9
Versicherungsprodukte	24.0

Atlanticus Holdings Corporation (ATLC) - Canvas Business Model: Value Propositions

You're looking at the core value Atlanticus Holdings Corporation (ATLC) delivers, which is essentially bridging the gap for consumers traditional lenders often skip over. This value proposition centers on providing access to credit for financially underserved everyday Americans by using proprietary technology and analytics.

The scale of this value delivery is clear when you look at the customer base. As of the third quarter of 2025, Atlanticus Holdings Corporation reported serving more than 5.7 million consumers. This builds on a history where the company has serviced over 20 million customers across more than 25 years of operation. The growth is consistent; for instance, by June 30, 2025, the total accounts served reached 4.0 million, up 11.2% year-over-year.

The second key value is enabling bank, retail, and healthcare partners to offer these inclusive financial services. Atlanticus Holdings Corporation operates primarily through its Credit as a Service (CaaS) segment, which acts as the engine for this partnership model. This segment is the main driver of their financial success; in Q1 2025, the CaaS segment contributed 97.21% of the company's revenue, amounting to $335.531 million. This shows the value proposition is deeply embedded in their operational structure.

The specific credit products offered through these partnerships define the tangible value for the end-user. You see this through their general-purpose credit cards and their private label offerings.

General-purpose credit cards are designed to help consumers cover everyday purchases when they may not have perfect credit. The brands you see in this space include:

• Aspire Mastercard
• Imagine Visa
• Fortiva Mastercard
• Mercury Visa

To be fair, the cards are issued by partner banks; for example, Fortiva® Credit Card, Fortiva® Retail Credit, and Aspire® Credit Cards products are issued by The Bank of Missouri, while Imagine® Credit is issued by WebBank.

For point-of-sale financing, the private label credit products target specific needs, such as retail purchases and healthcare expenses. These include:

• Fortiva Retail Credit, a provider of second look consumer credit at the point of sale
• Curae Healthcare Financing for patient expenses

The growth in this area is substantial; private label credit receivables grew by $345.8 million in the twelve months ending March 31, 2025.

The success of extending credit to this segment relies on their data-driven risk pricing where traditional models fail. Atlanticus Holdings Corporation applies experience gained from servicing over $43 billion in consumer loans to support lenders. This technological underwriting capability allows them to manage significant portfolio growth while maintaining strong returns. Here's a quick look at the financial scale underpinning this capability as of mid-2025:

Metric	Value (As of Q3 2025 or Latest Reported)	Period Reference
Managed Receivables	Over $6.6 billion	Q3 2025
Total Operating Revenue and Other Income	$495.3 million	Q3 2025
Total Operating Revenue (FY 2025 Estimate)	Approximately $1.95 billion	Full Year 2025 Consensus
Return on Average Equity (ROAE)	20.8%	Q2 2025
Net Income Attributable to Common Shareholders	$28.4 million	Q2 2025

The company's ability to achieve a Return on Average Equity of 20.8% in Q2 2025, while growing receivables, suggests their proprietary models are effectively assessing risk in a segment that others avoid. This focus on technology-enabled underwriting is what drives their financial expansion, as seen by the 41.1% year-over-year increase in Q3 2025 total operating revenue. Finance: draft 13-week cash view by Friday.

Atlanticus Holdings Corporation (ATLC) - Canvas Business Model: Customer Relationships

Atlanticus Holdings Corporation enables its bank, retail, and healthcare partners to offer more inclusive financial services, applying experience gained from servicing over 20 million customers and over $44 billion in consumer loans over more than 25 years of operating history.

Technology-enabled, data-driven account management

The core relationship management is heavily reliant on proprietary technology and analytics, which supports the Credit as a Service (CaaS) segment, contributing 97.21% of revenue in Q1 2025 at $335.531 million. The scale of this data-driven approach is evident in the growth figures; by the end of Q3 2025, Atlanticus Holdings Corporation served over 5.7 million total accounts, an increase of over 2.0 million from the prior year. This technology underpins the ability to manage the growing portfolio, which reached $6.6 billion in managed receivables as of September 30, 2025.

High-touch servicing for non-prime credit products

For non-prime credit products, the relationship often requires a more involved servicing approach, though the company emphasizes its technology-enabled service delivery. The growth in the customer base suggests successful engagement across the credit spectrum. For instance, the company added a record 730,000 new customers during Q3 2025 alone, excluding those added via the Mercury acquisition. The overall customer base is expanding rapidly, moving from 3.8 million accounts served in Q1 2025 to 4.0 million in Q2 2025, and finally to over 5.7 million by Q3 2025.

Automated and digital self-service options via online portals

Atlanticus Holdings Corporation utilizes an omnichannel platform to reach customers, which inherently includes digital self-service capabilities. While specific digital adoption percentages aren't available, the platform supports marketing through the internet, alongside other channels like retail point-of-sale and direct mail solicitation. The efficiency gained from technology helps manage the large and growing customer base effectively.

You can see the rapid expansion of the customer base across the first three quarters of 2025 here:

Metric	Q1 2025 (as of March 31)	Q2 2025 (as of June 30)	Q3 2025 (as of September 30)
Total Accounts Served	3.8 million	4.0 million	Over 5.7 million
New Accounts Added in Quarter	Over 415,000	Over 590,000	Record 730,000 (Excl. Acquisition)
Managed Receivables	$2.7 billion	$3.0 billion	$6.6 billion

Relationship management with bank and retail partners (B2B2C model)

The B2B2C relationship is central, as Atlanticus Holdings Corporation enables its bank, retail, and healthcare partners to originate credit products. This involves deep integration, such as the partnership with Synchrony Financial (SYF) for second-look financing, which was in its almost 6th year as of Q1 2025. The acquisition of Mercury Financial LLC added 1.3 million new credit card accounts and $3.2 billion in credit card receivables, deepening relationships with partners. The company also recently acquired the Vive portfolio from PROG Holdings for an undisclosed amount, which deepens relationships with some of its largest retail credit partners.

Direct customer communication for collections and account inquiries

The company applies its experience to support lenders that originate various consumer loan products through its omnichannel platform. This infrastructure supports the entire lifecycle, from origination to servicing and account inquiries. The scale of operations, with total assets reaching over $7 billion as of September 30, 2025, up from $3.27 billion at the end of 2024, necessitates efficient communication across all customer touchpoints.

Finance: draft 13-week cash view by Friday.

Atlanticus Holdings Corporation (ATLC) - Canvas Business Model: Channels

Atlanticus Holdings Corporation (ATLC) deploys an omnichannel platform to market its private label and general-purpose credit cards originated by its bank partners.

The primary distribution and customer acquisition channels for Atlanticus Holdings Corporation (ATLC) include:

• Retail point-of-sale and healthcare point-of-care locations, supporting private label credit products under brands like Fortiva and Curae for purchases like consumer electronics, furniture, and elective medical procedures.
• Direct mail solicitation for general-purpose credit cards.
• Internet-based and digital marketing campaigns, which the company has been expanding.
• Partnerships with third-party marketers and lead generators.
• Online account management platforms supporting direct-to-consumer access.

The scale of operations across these channels, as reflected in recent financial metrics, shows significant customer acquisition and growth through the platform:

Metric	Value (Latest Reported Period)	Period End Date
Total Accounts Served	4.0 million	June 30, 2025 (Q2 2025)
New Accounts Served in Quarter	Over 590,000	June 30, 2025 (Q2 2025)
Managed Receivables	$3.0 billion	June 30, 2025 (Q2 2025)
Total Operating Revenue and Other Income	$495.3 million	September 30, 2025 (Q3 2025)
Purchase Volume	$997.9 million	June 30, 2025 (Q2 2025)
General Purpose Credit Card Receivables Growth (12 Months)	$120.9 million	June 30, 2025
Projected Full Year 2025 Revenue (Consensus Estimate)	Approximately $1.95 billion	Full Year 2025 Estimate

The company's growth in receivables and customer base is directly tied to the effectiveness of these marketing and distribution efforts. For instance, the growth in general purpose credit card receivables was $120.9 million over the twelve months ending June 30, 2025. The company explicitly attributes revenue growth to expanded marketing initiatives and expanded partnerships.

Key performance indicators related to customer reach and financial throughput across the channels in the first half of 2025 include:

• Total accounts served increased from 3.8 million at March 31, 2025, to 4.0 million at June 30, 2025.
• New account origination reached over 590,000 in the second quarter of 2025.
• Total operating revenue grew from $344.9 million in Q1 2025 to $393.8 million in Q2 2025.
• The company is supporting lenders that originate a range of consumer loan products, having serviced over 20 million customers and $43 billion in consumer loans over more than 25 years of operating history.

Atlanticus Holdings Corporation (ATLC) - Canvas Business Model: Customer Segments

You're looking at Atlanticus Holdings Corporation (ATLC) because you know that in consumer finance, the customer base is the entire game. For Atlanticus Holdings Corporation, the focus is squarely on the credit-constrained consumer, the segment traditional prime lenders often pass over. This isn't about chasing the top tier; it's about serving the everyday American who needs a reliable financial partner.

The core customer segments Atlanticus Holdings Corporation targets are:

• Financially underserved consumers (near-prime and subprime)
• Everyday Americans overlooked by traditional prime lenders
• Customers seeking financing for retail goods or elective healthcare
• Individuals with limited or damaged credit history
• Over 5.7 million total accounts served as of Q3 2025

The market need is substantial. To give you some context on the total addressable market, as of February 2024, over 47 million Americans were classified as subprime borrowers, representing nearly 20% of all borrowers scored by VantageScore models. Atlanticus Holdings Corporation's strategy is built on using proprietary technology and analytics to underwrite risk accurately in this space, which is why their scale is growing so fast.

The growth in accounts served shows you exactly where their customer acquisition is landing. They are adding customers at a rapid clip, which speaks to the effectiveness of their partnership model with banks, retailers, and healthcare providers. Here's the quick math on their account expansion leading into late 2025:

Reporting Period End Date	Total Accounts Served	Quarterly New Accounts (Organic/Excl. Acquisition)
March 31, 2025 (Q1 2025)	3.8 million	Over 415,000
June 30, 2025 (Q2 2025)	4.0 million	Over 590,000
September 30, 2025 (Q3 2025)	Over 5.7 million	Record 730,000

That jump to over 5.7 million total accounts by the end of Q3 2025 is significant, especially when you look at the organic additions. Excluding the accounts added from the Mercury Financial acquisition, the company served a record 730,000 new customers in that third quarter alone. Even without the acquisition, total accounts served grew 21.4% to 4.4 million compared to the prior year. This indicates strong demand from the near-prime and subprime pool for their general purpose credit cards and private label offerings.

The customer base is being built through several key channels, which you can see reflected in their product focus:

• General purpose credit cards, including brands like Aspire and Imagine.
• Private label credit receivables growth of $520.0 million in the twelve months ended September 30, 2025, driven by retail partners.
• Growth in receivables from accounts issued by bank partners to customers of retail and healthcare partners.

What this estimate hides is the mix; general purpose credit cards tend to have higher total yields but also higher charge-off rates compared to private label credit receivables. The customer segment profile is therefore actively managed across risk tiers to maintain that adjusted return on average equity of 19.5% reported in Q3 2025. Finance: draft 13-week cash view by Friday.

Atlanticus Holdings Corporation (ATLC) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Atlanticus Holdings Corporation's operations, especially after a major expansion. The cost structure is heavily influenced by the capital required to fund its lending portfolio and the operational costs of managing high-risk credit, so let's break down the numbers we see from the second quarter of 2025.

The most significant recurring financial cost is the interest expense on debt, which reflects the borrowing needed to finance the growing receivables. For the three months ended June 30, 2025, this expense hit $53.7 million. This was up significantly, showing a 41.5% increase over the same period in 2024, driven by both higher outstanding debt and increased borrowing rates on new facilities, like the 9.25% Senior Notes due 2029.

Next, the provision for credit losses is a direct measure of expected losses in their high-risk lending model. For the second quarter of 2025, the reported provision for credit losses was $1.382 million (or $1,382 thousand). This cost is inherent to serving financially underserved consumers, though it is often dwarfed by the 'Changes in fair value of loans' line item, which was a charge of $216.8 million for the same quarter.

Total operating expenses are also a major outflow, which grew by 33.7% in Q2 2025 compared to Q2 2024, reaching $82.174 million (or $82,174 thousand). This increase reflects necessary investments in scale and compliance, but you can see where the money is going when you look at the components:

• Card and loan servicing costs: $34.085 million
• Marketing and solicitation costs: $24.949 million
• Salaries and benefits: $13.381 million
• Depreciation: $0.885 million

The investment in technology and infrastructure maintenance for the Credit-as-a-Service (CaaS) platform is embedded within these operating expenses, as Atlanticus Holdings Corporation continues to invest in technology, risk underwriting, and compliance to support growth.

Finally, a large, non-recurring cost structure element is the acquisition cost for new portfolios. The recent strategic purchase of Mercury Financial LLC, which significantly scaled the business, required a cash outlay of approximately $166.5 million, adding $3.2 billion in credit card receivables to the balance sheet.

Here's a quick look at the key Q2 2025 expense figures in thousands:

Cost Category	Q2 2025 Amount (in thousands)	Comparison to Q2 2024 (%)
Interest Expense	53,684	41.5% increase
Total Operating Expenses	82,174	33.7% increase
Provision for Credit Losses	(1,382)	(20.8)% decrease
Marketing and Solicitation (Component)	24,949	Not directly comparable here

The Mercury Financial acquisition cash component of $166.5 million is a separate, large capital expenditure that immediately impacts the cash flow statement, though its integration is expected to drive future cost synergies.

Atlanticus Holdings Corporation (ATLC) - Canvas Business Model: Revenue Streams

You're looking for the hard numbers that drive Atlanticus Holdings Corporation's top line as of late 2025. The revenue streams are heavily concentrated in its lending activities, primarily through its technology-enabled partnerships.

The most recent comprehensive total revenue figure available is for the third quarter of 2025. Atlanticus Holdings Corporation posted Total operating revenue and other income of $495.3 million for the quarter ended September 30, 2025. This represented a significant increase of 41.1% compared to the third quarter of 2024.

The business model is clearly dominated by the Credit as a Service (CaaS) segment, which is the engine of revenue generation. For the first quarter of 2025, the segment breakdown shows this extreme concentration:

Revenue Stream Segment	Q1 2025 Revenue Amount (USD)	Percentage of Total Q1 2025 Revenue
Credit as a Service (CaaS)	$335.531 million	97.21%
Auto Finance	$9.635 million	2.79%

The income from the smaller Auto Finance segment was reported at $9.635 million in Q1 2025.

The components making up the total operating revenue, which Atlanticus Holdings Corporation expects to see continued period-over-period growth in throughout 2025, include:

• Interest income and finance charges on managed receivables.
• Other fees on credit products including annual and merchant fees.
• Ancillary, interchange, and servicing income on loan portfolios.

For instance, the Q3 2025 results specifically cited the recognition of merchant fees associated with new private label receivable acquisitions, which increased by $8.7 million for the three months ended September 30, 2025, from the same period in 2024.

To give you a sense of the recent revenue trajectory leading up to the Q3 2025 figure, here are the total operating revenue and other income figures for the preceding quarters of 2025:

• Q1 2025 Total Operating Revenue and Other Income: $344.9 million.
• Q2 2025 Total Operating Revenue and Other Income: $393.8 million.

The growth in receivables is what directly fuels the interest income and finance charges, which are the primary drivers of these revenue figures. Managed receivables for the CaaS platform (excluding Auto Finance receivables) reached $2.7 billion as of March 31, 2025, and then surged to $6.6 billion by September 30, 2025, largely due to the Mercury Financial LLC acquisition.