back Back

Pathward and Propel team up to offer credit to underserved consumers

By Delisha Fernandes

June 21, 2023

  • AI-powered solution
  • B2B Loans
  • Banks
Share

Propel HoldingsPathward, a national bank driven by its purpose to power financial inclusion, is adding a new line of credit to open access for credit-challenged consumers. The national bank has partnered with Propel, to service the loans through its lending as a service (LaaS) platform.

Propel is an innovative FinTech dedicated to credit inclusion, and by leveraging the FinTech’s experience and AI-powered, proprietary platform, the program enables Pathward to provide consumers access to credit while limiting credit risk.

“Creating financial access for individuals who often get overlooked by more traditional lenders by offering the Pathward Line of Credit aligns with our purpose,” said Anthony Sharett, President Pathward. “We are thrilled to partner with Propel to bring this program to the market as a part of our Banking as a Service offering. Working together, we can provide eligible borrowers with year-round access to credit through a better alternative to high-interest programs.”

The Pathward Line of Credit is a pre-approved option offered to consumers through Pathward’s existing partner distribution channels. This model enables existing partners to connect their customers to credit access they might not otherwise have. Borrowers only pay interest on the drawn amount when they sign up for a Pathward Line of Credit, and there are zero fees affiliated with the product.

“Propel and Pathward are driven by a common mission to expand financial access to consumers. For Propel, this partnership marks the launch of our lending as a service product offering, a natural and critical evolution of our business. When we founded Propel, we saw the limitations of existing technology and service to the tens of millions of underserved consumers and have met our goal of building out a best-in-class AI-powered solution,” said Clive Kinross, CEO of Propel.

Previous Article

June 21, 2023

Froda, Lunar & Visa launch card-based loan solution for SMBs in Denmark

Read More
Next Article

June 21, 2023

AsiaPay & PayMe by HSBC to launch payments solutions for merchants in Hong Kong

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

AI-powered solution

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Liberis & Nexi team to offer revenue-based financing in Germany

Read More

July 24, 2024

4 FinTech platforms emerging in India’s expanding BNPL ecosystem

Read More

July 24, 2024

Cash Plus goes live with Profile Software’s Finuevo Suite

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024