JG Wentworth Acquires Personal Finance Platform Ottopay

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