JG Wentworth acquires Ottopay, a digital consumer debt
management platform
CHESTERBROOK, Pa., June 20,
2024 /PRNewswire/ -- JG Wentworth is pleased to
announce that it has acquired Ottopay, a powerful end-to-end
digital debt management and payments platform. Ottopay offers
consumers a comprehensive digital solution that helps them
understand, manage, and pay their debt obligations in a more
efficient way. The software creates tailored repayment plans that
adapt to changes in behavior and intelligently recommends ways for
consumers to save on interest and improve their financial
health.
This acquisition will unlock leading edge financial management
tools and advice for JG Wentworth's clients nationwide. Ottopay's
technology empowers consumers to save more money and pay off debt
using proven methodologies coupled with digital-first guidance.
After analyzing a client's credit cards, payment habits, and
spending trends, Ottopay presents customized strategies for
managing debt while avoiding late fees and other unnecessary
charges.
"We're excited to bring this new solution to JG Wentworth's
clients to support them in their financial journey," said
Randi Sellari, CEO of JG Wentworth.
"Managing debt responsibly is central to sound financial planning,
and the Ottopay application will serve a key resource for our
clients to help them reach their goals."
"Ottopay delivers the insights and automation consumers need to
take control of their financial well-being—saving money on interest
and fees while building wealth," said Jason
Tepperman, President and Head of Lending at JG Wentworth.
"With Ottopay, consumers can tailor their payments on credit cards
and other debts, removing friction and reducing the stress of
managing their finances."
"JG Wentworth's iconic brand, trusted products, and nationwide
reach provide a powerful foundation for building new offerings that
can meaningfully improve the financial lives of everyday
consumers," noted Max Klein, Founder
and CEO of Otto, the developer of
Ottopay. In connection with the transaction, Mr. Klein has joined
JG Wentworth to help lead product for the company's digital
initiatives.
About JG Wentworth
JG Wentworth is a leading consumer
financial services company powered by more than 550 employees
across the country who are committed to delivering personalized
financial solutions that meet the needs of everyday Americans.
Founded in 1991, the company's offerings include structured
settlement payment purchasing, annuity payment purchasing, lottery
and casino payment purchasing, debt resolution
services, and consumer lending.
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SOURCE JG Wentworth