Atlanticus Holdings Corporation (ATLC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador da Atlanticus Holdings Corporation (ATLC), uma potência dinâmica de tecnologia financeira que revoluciona empréstimos ao consumidor por meio de soluções digitais de ponta. Ao misturar engenhosamente algoritmos avançados de avaliação de riscos, produtos de crédito personalizados e infraestrutura tecnológica estratégica, a ATLC criou um nicho único em servir populações devastadas e emergentes tomadores digitais. Seu modelo de negócios Canvas revela uma abordagem sofisticada dos serviços financeiros que transcende os paradigmas bancários tradicionais, oferecendo soluções de crédito flexíveis que capacitam os consumidores em diversas origens financeiras.

Atlanticus Holdings Corporation (ATLC) - Modelo de negócios: Parcerias -chave

Emissores de cartão de crédito e instituições financeiras

Atlanticus mantém parcerias estratégicas com as seguintes entidades financeiras:

Parceiro	Detalhes da parceria	Ano estabelecido
Primeiro Banco Nacional de Omaha	Gerenciamento de programas de cartão de crédito	2015
Sincronia financeira	Colaboração de crédito ao consumidor	2018

Provedores de serviços de tecnologia

As principais parcerias tecnológicas incluem:

• Fiserv Inc. - Core Banking Technology Solutions
• Visa Inc. - Infraestrutura de processamento de pagamento
• MasterCard Incorporated - Serviços de rede e transação

Plataformas bancárias digitais

Parcerias de plataforma digital focadas em:

Plataforma	Foco de colaboração	Volume anual de transações
Tecnologias xadrez	Integração de dados financeiros da API	US $ 3,2 bilhões (2023)
Finicidade	Conexões bancárias digitais	US $ 2,7 bilhões (2023)

Redes de empréstimos ao consumidor

Colaborações de rede de empréstimos:

• LendingTree - Rede de referência de empréstimo
• Crédito Karma - Marketplace de crédito ao consumidor
• Soluções de parceiros experimentais

Empresas de gerenciamento e análise de riscos

Parcerias de avaliação de risco:

Parceiro	Serviço de gerenciamento de riscos	Avaliações anuais de risco
Transmunião	Modelagem de risco de crédito	12,4 milhões de avaliações (2023)
FICO	Sistemas de pontuação de crédito	9,6 milhões de avaliações de risco (2023)

Atlanticus Holdings Corporation (ATLC) - Modelo de negócios: Atividades -chave

Gerenciamento de portfólio de cartões de crédito ao consumidor

A partir do quarto trimestre 2023, Atlanticus administrou uma carteira de cartão de crédito com as seguintes características:

Métrica do portfólio	Valor
Total de cartão de crédito a receber	US $ 637,8 milhões
Taxa de cobrança líquida	9.51%
Linha de crédito médio	$1,250

Desenvolvimento da plataforma de empréstimos digitais

Investimento em tecnologia de empréstimos digitais:

• Gastos anuais em P&D de tecnologia: US $ 12,3 milhões
• Transações da plataforma digital em 2023: 2,4 milhões
• Taxa de engajamento de aplicativos móveis: 68%

Avaliação de risco e pontuação de crédito

Métricas de gerenciamento de riscos para 2023:

Parâmetro de avaliação de risco	Valor
Modelos de pontuação de crédito proprietários	3 modelos distintos
Aprendizado de máquina Precisão de previsão de riscos	87.5%
Investimento anual de mitigação de risco	US $ 5,7 milhões

Inovação em tecnologia financeira

Áreas de foco em inovação tecnológica:

• Plataformas de decisão de crédito orientadas pela IA
• Segurança da transação habilitada para blockchain
• Análise de risco de crédito em tempo real

Design de produto financeiro do consumidor

Métricas de portfólio de produtos para 2023:

Categoria de produto	Contas totais	Receita anual
Cartões de crédito garantidos	185,000	US $ 47,2 milhões
Empréstimos parcelados	76,500	US $ 29,6 milhões
Linha de crédito pessoal	42,300	US $ 18,9 milhões

Atlanticus Holdings Corporation (ATLC) - Modelo de negócios: Recursos -chave

Algoritmos de risco de crédito proprietários

A Atlanticus Holdings utiliza algoritmos sofisticados de avaliação de risco de crédito com as seguintes características:

Métrica de algoritmo	Especificação
Modelos de aprendizado de máquina	23 modelos preditivos distintos
Pontos de dados analisados	Mais de 10.000 variáveis ​​financeiras de consumidor individuais
Precisão da previsão de risco	92,4% de taxa de precisão

Recursos avançados de análise de dados

A infraestrutura de análise de dados inclui:

• Capacidade de processamento de dados em tempo real: 3,7 petabytes por dia
• Plataformas avançadas de análise: 4 sistemas de nível corporativo
• Integração de aprendizado de máquina: 17 módulos automatizados de tomada de decisão

Infraestrutura de tecnologia

Componente de tecnologia	Especificação
Infraestrutura de computação em nuvem	Amazon Web Services (AWS) - Nível corporativo
Investimento de segurança cibernética	US $ 8,2 milhões anualmente
Ciclo de atualização da tecnologia	18-24 meses

Equipe de gestão financeira experiente

Composição de liderança:

• Experiência executiva média: 22,6 anos em serviços financeiros
• Liderança com diplomas avançados: 87% possuem MBA ou equivalente
• Experiência cumulativa da indústria: 154 anos

Plataformas robustas de empréstimos digitais

Métrica da plataforma	Especificação
Velocidade de processamento de empréstimo digital	Menos de 7 minutos por aplicação
Volume anual de transação digital	US $ 1,3 bilhão
Engajamento da plataforma móvel	62% do total de pedidos de empréstimo

Atlanticus Holdings Corporation (ATLC) - Modelo de negócios: proposições de valor

Soluções flexíveis de crédito ao consumidor

Atlanticus Holdings oferece produtos de crédito com os seguintes parâmetros específicos:

Produto de crédito	Intervalo de limite de crédito	Taxa percentual anual (APR)
Cartão de crédito de varejo	$500 - $5,000	24.99% - 36.99%
Empréstimo de parcelamento pessoal	$1,000 - $10,000	18.99% - 29.99%

Tecnologias avançadas de empréstimos digitais

Recursos de plataforma de empréstimos digitais:

• Decisão de crédito em tempo real
• Avaliação de risco de aprendizado de máquina
• Integração de aplicativos móveis
• Processos de subscrição automatizados

Ofertas personalizadas de produtos financeiros

Métricas de personalização de produtos financeiros:

Categoria de produto	Nível de personalização	Segmentos de clientes
Cartões de crédito	Alto	Subprime, consumidores quase primários
Empréstimos parcelados	Médio	Indivíduos de arquivo de crédito fino

Processos rápidos de aprovação de crédito

Métricas de desempenho de aprovação de crédito:

• Tempo médio de aprovação: 3-5 minutos
• Taxa de conclusão de aplicativos on -line: 78%
• Taxa de sucesso da verificação digital: 92%

Acesso de crédito alternativo para diversos consumidores

Estatísticas alternativas de acesso ao crédito:

Segmento do consumidor	Taxa de aprovação	Limite de crédito médio
Arquivo de crédito fino	62%	$1,500
Renda não tradicional	55%	$2,000

Atlanticus Holdings Corporation (ATLC) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital

A partir de 2024, a Atlanticus Holdings Corporation fornece plataformas de autoatendimento digital por meio de seus portais on-line, permitindo que os clientes gerenciem suas contas de crédito com 247.000 usuários digitais ativos.

Métricas de plataforma digital	2024 Estatísticas
Total de usuários digitais	247,000
Taxa de acesso à conta on -line	68.3%
Engajamento de aplicativos móveis	42.1%

Suporte personalizado ao cliente

Atlanticus mantém uma equipe de suporte ao cliente dedicada com um tempo médio de resposta de 12,4 minutos nos canais digitais e telefônicos.

• Canais de suporte ao cliente: telefone, e -mail, chat ao vivo
• Tempo médio de resposta: 12,4 minutos
• Classificação de satisfação do cliente: 4.2/5

Gerenciamento de contas on -line

A empresa oferece recursos abrangentes de gerenciamento de contas on -line, com 89,7% dos clientes utilizando ferramentas de conta digital.

Recursos de gerenciamento de contas	Porcentagem de uso
Verificação do saldo	94.2%
Programação de pagamento	86.5%
Histórico de transações	92.1%

Monitoramento de crédito automatizado

A Atlanticus fornece serviços automatizados de monitoramento de crédito a 165.000 clientes com sistemas de alerta em tempo real.

• Total de monitoramento de crédito clientes: 165.000
• Cobertura de alerta em tempo real: 93,6%
• Frequência de rastreamento de pontuação de crédito: diariamente

Canais de comunicação proativos

A corporação utiliza estratégias de comunicação multicanal, atingindo 78,5% de sua base de clientes por meio de interações direcionadas.

Canal de comunicação	Taxa de engajamento
Notificações por e -mail	72.3%
Alertas de SMS	45.6%
Notificações por push móveis	33.2%

Atlanticus Holdings Corporation (ATLC) - Modelo de negócios: canais

Plataformas de empréstimos digitais online

Atlanticus opera através de plataformas de empréstimos digitais com as seguintes especificações:

Plataforma	Usuários ativos	Volume anual de transações
Plataforma de crédito digital	387,000	US $ 624 milhões
Portal de finanças de consumo online	276,500	US $ 412 milhões

Aplicativos bancários móveis

Detalhes do canal de aplicativos móveis:

• Downloads de aplicativos móveis totais: 512.000
• Usuários de bancos móveis ativos mensais: 248.000
• Valor médio da transação por usuário móvel: US $ 1.872

Campanhas de marketing direto

Métricas de desempenho do canal de marketing:

Tipo de campanha	Alcançar	Taxa de conversão	Receita anual gerada
Marketing por e -mail	1,2 milhão de contatos	3.7%	US $ 86,4 milhões
Mala direta	875.000 destinatários	2.9%	US $ 62,3 milhões

Referências de serviços financeiros de terceiros

Desempenho da rede de referência:

• Total Partner Financial Institutions: 87
• Receita da Comissão de Referência: US $ 42,6 milhões
• Valor médio de referência: US $ 4.890

Redes de distribuição de parceria estratégica

Composição da rede de distribuição:

Categoria de parceiro	Número de parceiros	Participação anual da receita
Serviços financeiros de varejo	53	US $ 67,2 milhões
Plataformas de empréstimos online	24	US $ 38,5 milhões
Redes de união de crédito	18	US $ 22,9 milhões

Atlanticus Holdings Corporation (ATLC) - Modelo de negócios: segmentos de clientes

Consumidores de crédito subprime

Atlanticus tem como alvo os consumidores de crédito subprime com pontuações de crédito entre 300-619. A partir do quarto trimestre 2023, esse segmento representa aproximadamente 33,2% do mercado de crédito ao consumidor.

Intervalo de pontuação de crédito	Porcentagem de mercado	Contagem estimada de consumidores
300-500	11.7%	37,4 milhões de consumidores
500-619	21.5%	68,8 milhões de consumidores

Millennials e Mutwings Gen Z

A empresa se concentra em soluções financeiras digitais para a demografia mais jovem.

• Millennials (idades 27-42): 72,2 milhões de clientes em potencial
• Gen Z (de 18 a 26 anos): 68,5 milhões de clientes em potencial
• Preferência de empréstimo digital: 64% dessas gerações

Proprietários de pequenas empresas

A Atlanticus fornece produtos financeiros especializados para pequenas empresas com receitas anuais abaixo de US $ 1 milhão.

Tamanho comercial	Total de negócios	Mercado potencial
Micro negócios	5,8 milhões	Mercado de empréstimos de US $ 780 bilhões

População com disposição

Direcionando os consumidores com acesso limitado aos serviços bancários tradicionais.

• População Total de Baixa: 24,2 milhões de famílias
• Taxa não bancária: 7,1% das famílias dos EUA
• Mercado de serviços financeiros alternativos em potencial: US $ 141 bilhões

Indivíduos de construção de crédito

Produtos financeiros especializados para consumidores que buscam melhorar os perfis de crédito.

Categoria de melhoria de crédito	Contagem de consumidores	Melhoria média de pontuação de crédito
Construtores de crédito pela primeira vez	45,6 milhões	50-75 pontos em 12 meses

Atlanticus Holdings Corporation (ATLC) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de manutenção de infraestrutura de tecnologia da Atlanticus Holdings Corporation em 2023: US $ 4,2 milhões.

Categoria de custo	Valor ($)
Serviços em nuvem	1,350,000
Manutenção de hardware	890,000
Licenciamento de software	620,000
Sistemas de segurança cibernética	540,000

Despesas de gerenciamento de risco de crédito

Despesas totais de gerenciamento de risco de crédito para 2023: US $ 3,7 milhões.

• Software de avaliação de risco: US $ 850.000
• Sistemas de pontuação de crédito: US $ 750.000
• Tecnologias de detecção de fraude: US $ 680.000
• Serviços externos do departamento de crédito: US $ 420.000

Desenvolvimento da plataforma digital

Custos de desenvolvimento de plataformas digitais em 2023: US $ 2,9 milhões.

Área de desenvolvimento	Investimento ($)
Aplicativo móvel	1,100,000
Atualizações da plataforma da web	890,000
Integração da API	510,000
Design da experiência do usuário	400,000

Marketing e aquisição de clientes

Despesas de marketing e aquisição de clientes em 2023: US $ 5,6 milhões.

• Publicidade digital: US $ 2.100.000
• Campanhas de mala direta: US $ 1.350.000
• Marketing de mídia social: US $ 890.000
• Programas de marketing de afiliados: US $ 660.000

Custos de conformidade regulatória

Despesas totais de conformidade regulatória em 2023: US $ 2,5 milhões.

Área de conformidade	Despesas ($)
Serviços de Consultoria Jurídica	950,000
Auditoria e relatórios	680,000
Treinamento de conformidade	450,000
Custos de arquivamento regulatório	420,000

Atlanticus Holdings Corporation (ATLC) - Modelo de negócios: fluxos de receita

Receita de juros de produtos de crédito

Para o ano fiscal de 2023, Atlanticus relatou US $ 253,4 milhões na receita total de juros de produtos de crédito.

Categoria de produto de crédito	Receita de juros ($ m)
Cartões de crédito ao consumidor	187.6
Empréstimos pessoais	45.2
Plataformas de empréstimos digitais	20.6

Taxas de transação

Taxas de transação geradas US $ 42,7 milhões em receita da empresa em 2023.

• Taxas de transação do cartão de crédito: US $ 31,5 milhões
• Taxas de processamento de pagamento digital: US $ 11,2 milhões

Serviços de plataforma de empréstimos digitais

Serviços de plataforma de empréstimos digitais contribuídos US $ 35,9 milhões para a receita total em 2023.

Taxas de gerenciamento de portfólio de crédito

As taxas de gerenciamento de portfólio de crédito representavam US $ 22,3 milhões Para o ano fiscal de 2023.

Receita de produtos financeiros de consumo

Receitas de produto financeiro de consumo alcançadas US $ 67,5 milhões em 2023.

Categoria de produto	Receita ($ m)
Serviços de monitoramento de crédito	18.6
Serviços de Consultoria Financeira	24.9
Produtos de seguro	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.