Aura Appoints Former Compass Bank Chairman & CEO Manolo Sánchez to Board of Advisors

Former banking executive to help Aura partner with banks and credit
unions

SAN FRANCISCO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/CommunityInvestmentManagement?src=hash” target=”_blank”gt;#CommunityInvestmentManagementlt;/agt;–Aura, a CDFI-certified fintech company with an innovative platform
disrupting the predatory lending category, today announced that Manolo
Sánchez has been appointed to its Board of Advisors, effective
immediately. He joins a board with a focus on expanding credit to
America’s 66 million underbanked and unbanked.

“Our nation’s financial system is undergoing a fundamental shift, and
Manolo has a deep understanding of how to harness these changes to
expand opportunity for millions of consumers,”
said James Gutierrez,
CEO and Co-Founder of Aura. “His unparalleled experience in banking
and fintech will help us extend our reach to banks and credit unions so
they can offer affordable small-dollar loans.”

Mr. Sánchez sits on the boards of Fannie Mae and OnDeck. Previously, he
served as chairman and CEO of Compass Bank, Inc., a U.S. subsidiary of
Banco Bilbao Vizcaya Argentaria, S.A., as the bank transformed itself
into an aggressive digital challenger. Mr. Sánchez is also an adjunct
professor of management finance at Rice University’s Jones School of
Business, where he teaches disruption in financial services.

“The American Dream remains out of reach for millions of consumers
who simply do not have access to credit or fall victim to an unending
cycle of debt,”
said Mr. Sánchez. “It’s exciting to work with
Aura to help working families build the solid credit they’ll need to buy
homes and finance their children’s education.

“Bankers seeking to help low-income communities often face confusing
guidance on meeting Community Reinvestment Act requirements. Having made
hundreds of thousands of affordable, credit-building small loans in
these neighborhoods, Aura offers powerful opportunities for partnerships
to banks and credit unions seeking CRA credit.”

Mr. Sánchez is also a founding advisor to SpringLabs, a fintech
company developing a blockchain-based, peer-to-peer network. He is also
the founder of Adelante Ventures, LLC. During his 27 year-banking
career, Mr. Sánchez worked in the US, Mexico, France and Spain, having
served in executive roles in risk management, real estate,
correspondent, community, corporate and investment banking.

Mr. Sánchez currently serves as a trustee or member of the Board of
Directors of a number of civic, cultural and educational institutions,
including the Houston Symphony, KIPP Houston Public Schools, and
the Center for Houston’s Future. Previously, he also served on the
boards of the American Bankers Association and Financial Services
Roundtable.

About Aura:

Aura is a technology-powered, Community Development Financial
Institution (CDFI) that provides small, affordable loans to working
families in America. Aura’s mission is to build financially healthy
low-income communities by providing empowering financial services to
America’s 66-million underbanked and unbanked. Aura has pioneered a
cloud-based lending technology that enables trusted local businesses to
submit credit applications for centralized review and approval by its
proprietary scoring algorithms.

Currently available in nearly 1,200 locations across California, Texas,
Illinois and Arizona, Aura has provided hundreds of thousands of
credit-building, responsible loans to low-income households since
launching in 2014. Aura was founded in 2012 by James Gutierrez, Kevin
Kang, and Randy Wong. All three founders helped create and scale
Oportun, a CDFI and one of Time Magazine’s Top 50 Most Genius Companies
in 2018.

Contacts

Scott Gerber, 408-202-4255

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