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Synctera launches Synctera Line of Credit

By Edlyn Cardoza

September 22, 2022

  • AML
  • BaaS
  • Embedded Financial Products

Synctera, Embedded Financial Products, BaaS, FinTech, Synctera Line of Credit, Underwriting, Repayments, KYC, KYB, AML, USASynctera, a startup that helps companies build and launch FinTech apps and embedded financial products via its Banking as a Service (BaaS) platform, announced the Synctera Line of Credit release. A BaaS industry first, Synctera Line of Credit allows FinTech developers and established companies to quickly create innovative lending products or embed lending services into existing offerings.

“Consumers’ credit-related needs and preferences continue to evolve, and millions of Americans lack real access to credit,” said Peter Hazlehurst, Synctera’s Chief Executive Officer. “Forward-thinking companies are poised to help by offering standalone and embedded lending products. As we work towards our vision of unlocking human potential through financial innovation, we are excited to see the impact that Synctera Line of Credit can make for under-resourced consumers.”

With the Synctera Line of Creditcompanies can reimagine lending and break down the barriers that many consumers and small businesses have historically faced when trying to access credit. By combining Synctera Line of Credit with their deep customer insights, new approaches to underwriting, and superior customer experiences, companies can launch on-demand borrowing solutions that help customers improve their quality of life and financial situation.

“Lines of credit offer distinct advantages for borrowers that are dealing with hard-to-predict costs, variable income, or both,” said Dominik Weisserth, Chief Product Officer at Synctera. “Companies building lending products with Synctera Line of Credit get access to a critical piece of financial infrastructure that can help them provide more value to their customers and realise more growth opportunities.”

Line of Credit further enhances Synctera’s end-to-end BaaS platform; companies building with Synctera can now offer lending services alongside FDIC-insured bank accounts, personalised debit cards, various payment types, and more. By expanding into credit products, Synctera aims to help companies create stronger customer relationships, complement existing product offerings, and unlock new opportunities for revenue growth.

A line of credit is a flexible way for retail and business customers to borrow and utilise a preset amount of funds. Customers can replenish the line of credit with repayments and then borrow again up to the predetermined credit limit, avoiding the hassle of reapplying for a loan multiple times.

With Line of Credit, the startup provides the required financial technology – including ledger and KYC/KYB services – as well as servicing and optional operational and compliance support. A Synctera partner bank will serve as the lender of record. Companies that build using Line of Credit are responsible for marketing, customer service, and assigning credit limits.

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