Public (Nasdaq: LPRO); faced shrinking loan volumes
The rise & fall
6 moments · 2000–2026
The key moments.
2000
🌱
2000
Founded in Austin
Lenders Protection pairs analytics with default insurance so banks and credit unions can say yes to near-prime auto borrowers.
Wikipedia
Jun 2020
🦄
Jun 2020
Public via SPAC — and into the club$1.08B
Merges with Nebula Acquisition Corp at about a $1.08B enterprise value.
GlobeNewswire
2021
📈
2021
The peak: a ~$3B auto-fintech favorite$3B
The stock soars in the 2021 boom, roughly tripling the SPAC-era value.
Investing.com
2022
2022
Rates rise, used-car prices fall
Certified-loan volumes shrink as the auto-lending cycle turns.
Investing.com
2022
💔
2022
Slips out of the club
The shares give back about 80% from the top.
Investing.com
2026
2026
Settling around $0.6B
A fifth of the peak, with certified-loan volumes still shrinking.
Investing.com
How it happened
Open Lending runs Lenders Protection, an analytics and insurance platform that helps banks and credit unions underwrite near- and non-prime auto loans, and went public in June 2020 via a SPAC merger with Nebula Acquisition Corp at about a $1.08B enterprise value.
Its stock soared in the 2021 boom, lifting its market value to roughly $3B, before rising rates, falling used-car prices and shrinking certified-loan volumes battered the business. The shares fell about 80%, leaving Open Lending worth around $600M — back below $1B.
Source: FT Partners / GlobeNewswire / Investing.com ($1.08B SPAC EV via Nebula Acquisition Corp, June 2020; peaked ~$3B market cap in 2021; ~$613M market cap by 2026 amid declining certified loan volumes)
Founders
John Flynn
Co-founder & CEO
Now Founder, CEO at Coverly Home Protection · LinkedIn ↗
