Fig Loans First Fintech to Receive Both B Corporation & CDFI Certification

Fig is an alternative to the predatory loans that are often offered to low-income borrowers; now they are the first ever fintech company to become both a Certified B Corporation and federally certified Community Development Institution (CDFI); other fintechs are CDFIs, but Fig is the first to be a Certified B Corporation as well; financial institutions must meet a number of criteria in order to receive the designation including having a primary mission of promoting community development and serving one or more defined low-income target markets; most often CDFIs are community development banks or credit unions; Fig was founded in 2015 and is based in Houston. Source