MoatScopeMoatScope

Consumer & Specialty Finance

Card issuers, consumer and mortgage lenders, GSEs and specialty finance.

Companies
101
With a moat
13%
Average quality
31
0 wide moat · 13 narrow moat · 84 no moat · Open in screener →
Updated 27 Sep 2026

Consumer & Specialty Finance covers card issuers, consumer and auto lenders, mortgage companies, pawn lenders, the housing-finance agencies and specialty finance. MoatScope covers 100 companies here. None has a wide moat; 13 have a narrow moat and 86 none.

How the industry makes money

Lenders earn the spread between their funding costs and the rates they charge, minus credit losses. Mortgage companies also earn fees for originating and servicing loans.

Where the moats are

Moats are narrow at best, coming from brands, cost advantages in funding or underwriting, and customer relationships.

The narrow-moat group includes Fannie Mae, Freddie Mac, Synchrony, Rocket Companies, FirstCash and Credit Acceptance. Companies without a moat include ORIX, SoFi and OneMain. Synchrony scores 67 on MoatScope's quality scale.

What wears moats down

Credit losses rise in downturns, funding costs follow interest rates, regulators cap fees and rates, and competition for creditworthy borrowers is intense.

What to watch

  • Delinquencies and credit losses.
  • Funding costs.
  • Regulation of fees and lending practices.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Consumer & Specialty Finance into 4 markets. Each table ranks the businesses in one market by net revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Card issuers & consumer lenders

Credit cards, personal and auto loans, and student loans.

US market · $191.3B total net revenue in 2024 · source: CFPB · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. US credit-card interest and fees only (CFPB, 2024): personal, auto and student lending aren't in it, so lenders outside cards read high.

#BusinessMarket shareNet revenue
1SYF · Synchrony Financial9.9%$19.0B
2OMF · OneMain Holdings, Inc.2.6%$4.9B
3BFH · BREAD FINANCIAL HOLDINGS, INC.2.1%$4.1B
4SOFI · SoFi Technologies, Inc.
US revenue
1.8%$3.4B
5ENVA · Enova International, Inc.
US revenue
1.6%$3.1B
6CACC · CREDIT ACCEPTANCE CORP1.2%$2.3B
7CHYM · Chime Financial, Inc.1.1%$2.2B
8GDOT · GREEN DOT CORP1.1%$2.1B
9SLM · SLM Corp1.0%$2.0B
10ATLC · Atlanticus Holdings Corp1.0%$2.0B
All other companies70.5%$134.8B

Mortgage finance & GSEs

Mortgage lenders, servicers and the government-sponsored enterprises.

US market · $122.6B total net revenue in 2025 · source: Fannie Mae ESR · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. US mortgage origination revenue plus Fannie Mae's and Freddie Mac's revenue; servicing isn't in it.

#BusinessMarket shareNet revenue
1FNMA · FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE23.8%$29.2B
2FMCC · FEDERAL HOME LOAN MORTGAGE CORP19.0%$23.3B
3UWMC · UWM Holdings Corp2.6%$3.2B
4ONIT · ONITY GROUP INC.0.9%$1.1B
5AGM · FEDERAL AGRICULTURAL MORTGAGE CORP0.3%$408M
6FOA · Finance of America Companies Inc.0.2%$261M
7RKT · Rocket Companies, Inc.0.1%$125M
8BETR · Better Home & Finance Holding Co<0.1%$17M
9LDI · loanDepot, Inc.<0.1%$10M
10BLNE · Beeline Holdings, Inc.<0.1%$8M
All other companies53.1%$65.1B

Commercial & specialty finance

Business lending, leasing, pawn, lease-to-own and debt buying.

10 businesses MoatScope covers, ranked by net revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessNet revenue
1IX · ORIX CORP$22.3B
2UPBD · UPBOUND GROUP, INC.$4.7B
3FCFS · FirstCash Holdings, Inc.$3.7B
4PRG · PROG Holdings, Inc.$2.4B
5ECPG · ENCORE CAPITAL GROUP INC$1.8B
6EZPW · EZCORP INC$1.3B
7JCAP · Jefferson Capital, Inc. / DE$613M
8NRUC · NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/$414M
9PLBC · PLUMAS BANCORP$98M
10SPFX · STANDARD PREMIUM FINANCE HOLDINGS, INC.$12M

Chinese online lenders

Consumer-lending platforms in China.

6 businesses MoatScope covers, ranked by net revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessNet revenue
1QFIN · Qfin Holdings, Inc.$2.7B
2LX · LexinFintech Holdings Ltd.$1.8B
3XYF · X Financial$1.1B
4JFIN · Jiayin Group Inc.$871M
5YRD · Yiren Digital Ltd.$801M
6FINV · FinVolution Group$187M

Companies

CompanyMoatQualityMarket
IX
ORIX CORP
None42Commercial & specialty finance—$44.9B
RKT
Rocket Companies, Inc.
Narrow35Mortgage finance & GSEs0.1%$30.3B
SYF
Synchrony Financial
Narrow67Card issuers & consumer lenders9.9%$24.2B
SOFI
SoFi Technologies, Inc.
None32Card issuers & consumer lenders1.8%$18.5B
CHYM
Chime Financial, Inc.
Narrow41Card issuers & consumer lenders1.1%$11.2B
FCFS
FirstCash Holdings, Inc.
Narrow63Commercial & specialty finance—$9.3B
OMF
OneMain Holdings, Inc.
None50Card issuers & consumer lenders2.6%$6.5B
FINV
FinVolution Group
None54Chinese online lenders—$6.4B
FIGR
Figure Technology Solutions, Inc.
Narrow47Card issuers & consumer lenders0.3%$5.8B
CACC
CREDIT ACCEPTANCE CORP
Narrow67Card issuers & consumer lenders1.2%$5.5B
SII
SPROTT INC.
None69Card issuers & consumer lenders0.1%$4.6B
DAVE
Dave Inc./DE
None64Card issuers & consumer lenders0.3%$4.6B
NNI
NELNET INC
Narrow44Card issuers & consumer lenders0.2%$4.5B
ENVA
Enova International, Inc.
None46Card issuers & consumer lenders1.6%$4.4B
SLM
SLM Corp
Narrow46Card issuers & consumer lenders1.0%$4.1B
FNMA
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
Narrow53Mortgage finance & GSEs23.8%$4.0B
BFH
BREAD FINANCIAL HOLDINGS, INC.
None40Card issuers & consumer lenders2.1%$3.9B
PFSI
PennyMac Financial Services, Inc.
Narrow38Mortgage finance & GSEs—$3.1B
UPST
Upstart Holdings, Inc.
None14Card issuers & consumer lenders<0.1%$2.3B
AGM
FEDERAL AGRICULTURAL MORTGAGE CORP
Narrow35Mortgage finance & GSEs0.3%$2.2B
ECPG
ENCORE CAPITAL GROUP INC
None39Commercial & specialty finance—$2.1B
FMCC
FEDERAL HOME LOAN MORTGAGE CORP
Narrow56Mortgage finance & GSEs19.0%$2.0B
EZPW
EZCORP INC
None47Commercial & specialty finance—$2.0B
UWMC
UWM Holdings Corp
None8Mortgage finance & GSEs2.6%$1.7B
WLTH
WEALTHFRONT CORP
None31Card issuers & consumer lenders0.2%$1.6B
ATLC
Atlanticus Holdings Corp
None41Card issuers & consumer lenders1.0%$1.4B
PGY
Pagaya Technologies Ltd.
None48Card issuers & consumer lenders0.7%$1.3B
PRG
PROG Holdings, Inc.
None42Commercial & specialty finance—$1.2B
PWP
Perella Weinberg Partners
None23Card issuers & consumer lenders0.3%$1.2B
JCAP
Jefferson Capital, Inc. / DE
None56Commercial & specialty finance—$1.2B
WD
Walker & Dunlop, Inc.
Narrow24Card issuers & consumer lenders—$1.1B
UPBD
UPBOUND GROUP, INC.
None34Commercial & specialty finance—$932M
WRLD
WORLD ACCEPTANCE CORP
None34Card issuers & consumer lenders0.3%$784M
CD
Chaince Digital Holdings Inc.
None17Card issuers & consumer lenders<0.1%$769M
LU
Lufax Holding Ltd
None11Card issuers & consumer lenders0.6%$754M
PRAA
PRA GROUP INC
None12Commercial & specialty finance—$739M
GDOT
GREEN DOT CORP
None30Card issuers & consumer lenders1.1%$690M
QFIN
Qfin Holdings, Inc.
None67Chinese online lenders—$680M
BUR
Burford Capital Ltd
None24Card issuers & consumer lenders0.2%$675M
VEL
Velocity Financial, Inc.
None40Card issuers & consumer lenders<0.1%$573M
MBNKO
MEDALLION FINANCIAL CORP
None39Card issuers & consumer lenders0.1%$539M
HKD
AMTD Digital Inc.
None37Card issuers & consumer lenders<0.1%$528M
OPFI
OppFi Inc.
None48Card issuers & consumer lenders0.3%$474M
PLBC
PLUMAS BANCORP
None41Commercial & specialty finance—$429M
OPRT
Oportun Financial Corp
None34Card issuers & consumer lenders0.5%$407M
LPRO
Open Lending Corp
None30Card issuers & consumer lenders<0.1%$371M
TREE
LendingTree, Inc.
None29Card issuers & consumer lenders0.6%$356M
HTT
High Templar Tech Ltd
None43Card issuers & consumer lenders<0.1%$335M
RM
Regional Management Corp.
None37Card issuers & consumer lenders0.3%$314M
SNFCA
SECURITY NATIONAL FINANCIAL CORP
None44Card issuers & consumer lenders0.2%$249M
AMTD
AMTD IDEA GROUP
None39Card issuers & consumer lenders<0.1%$244M
ONIT
ONITY GROUP INC.
None41Mortgage finance & GSEs0.9%$214M
BETR
Better Home & Finance Holding Co
None2Mortgage finance & GSEs<0.1%$200M
XYF
X Financial
None54Chinese online lenders—$199M
CPSS
CONSUMER PORTFOLIO SERVICES, INC.
None26Card issuers & consumer lenders0.2%$195M
FOA
Finance of America Companies Inc.
None19Mortgage finance & GSEs0.2%$193M
LDI
loanDepot, Inc.
None3Mortgage finance & GSEs<0.1%$176M
UTKN
Universal Token
None11Card issuers & consumer lenders—$153M
GHI
Greystone Housing Impact Investors LP
None32Card issuers & consumer lenders—$113M
LX
LexinFintech Holdings Ltd.
None49Chinese online lenders—$106M
RTB
RYVYL Inc.
None18Card issuers & consumer lenders—$105M
SUIG
SUI Group Holdings Ltd.
None21Card issuers & consumer lenders<0.1%$97M
BMHL
Bluemount Holdings Ltd
None58Card issuers & consumer lenders<0.1%$90M
MGLD
Marygold Companies, Inc.
None18Card issuers & consumer lenders<0.1%$84M
NORD
Nordicus Partners Corp
None30Card issuers & consumer lenders<0.1%$79M
JFIN
Jiayin Group Inc.
None54Chinese online lenders—$72M
MGTE
Marblegate Capital Corp
None18Card issuers & consumer lenders<0.1%$66M
YRD
Yiren Digital Ltd.
None31Chinese online lenders—$65M
VRM
Vroom, Inc.
None7Card issuers & consumer lenders<0.1%$44M
FGC
FG Nexus Inc.
—21Card issuers & consumer lenders<0.1%$36M
AURE
Aurelion Inc.
None15Card issuers & consumer lenders<0.1%$30M
GRAN
Grande Group Ltd/HK
None21Card issuers & consumer lenders<0.1%$30M
GRNQ
Greenpro Capital Corp.
None20Card issuers & consumer lenders<0.1%$30M
PAPL
Pineapple Financial Inc.
None6Card issuers & consumer lenders<0.1%$30M
PMAX
Powell Max Ltd
None21Card issuers & consumer lenders<0.1%$30M
VAI
Senmiao Technology Ltd
None10Card issuers & consumer lenders<0.1%$30M
OPNW
OpenWorld, Inc.
—34——†$29M
BGDE
Big Digital Energy, Inc.
None15Card issuers & consumer lenders<0.1%$25M
ATCH
AtlasClear Holdings, Inc.
None20Card issuers & consumer lenders<0.1%$24M
BLNE
Beeline Holdings, Inc.
None20Mortgage finance & GSEs<0.1%$24M
FFR
FF EAI Robotics Ecosystem Inc.
—17——†$22M
ORIO
Orion Digital Corp.
None18Card issuers & consumer lenders<0.1%$20M
CRSF
Crisp Momentum Inc.
None12Card issuers & consumer lenders<0.1%$20M
STQN
STRATEGIC ACQUISITIONS INC /NV/
None14Card issuers & consumer lenders<0.1%$18M
BCG
Binah Capital Group, Inc.
None27Card issuers & consumer lenders<0.1%$18M
BENF
Beneficient
None25Card issuers & consumer lenders—$14M
CNF
CNFinance Holdings Ltd.
None25Card issuers & consumer lenders<0.1%$13M
NCPL
Netcapital Inc.
None26Card issuers & consumer lenders<0.1%$13M
MDBH
MDB Capital Holdings, LLC
None25Card issuers & consumer lenders—$11M
SPFX
STANDARD PREMIUM FINANCE HOLDINGS, INC.
None47Commercial & specialty finance—$9M
HODO
Brag House Holdings, Inc.
None10Card issuers & consumer lenders<0.1%$6M
IONI
I-ON Digital Corp.
None24Card issuers & consumer lenders<0.1%$4M
MI
NFT Ltd
None27Card issuers & consumer lenders<0.1%$4M
MWAI
MedWellAI, Inc.
None13Card issuers & consumer lenders<0.1%$1M
SHFS
SHF Holdings, Inc.
None21Card issuers & consumer lenders<0.1%$1M
DXF
Eason Technology Ltd
None23Card issuers & consumer lenders<0.1%$1M
TAAG
Awareness Group, Inc.
None11Card issuers & consumer lenders<0.1%$1M
NBND
NetBrands Corp.
None10Card issuers & consumer lenders<0.1%$1M
SGRX
SANGRIX INC.
—13Card issuers & consumer lenders<0.1%$1M
MEGL
Magic Empire Global Ltd
None16Card issuers & consumer lenders<0.1%—

Showing the 100 largest of 101.

Market share is a company's net revenue (net interest income plus non-interest income) in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

  • † OpenWorld, Inc.: Counted under VRME.
  • † FF EAI Robotics Ecosystem Inc.: Counted under AIXC.

Price versus fair value for every company is in the screener.

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