WebBank and American Express collaborate to expand credit card issuing
By Edlyn Cardoza
WebBank announced an agreement with American Express to become a card issuer and participant in the American Express network. The collaboration allows WebBank to issue credit card and payment solutions that include the card’s benefits. American Express selected WebBank as one of its key issuing banks focused on the FinTech industry.
WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and funded over $155 billion in consumer and commercial credit products. The Bank is one of the leading players in the digital lending space, driving innovation in financial products through embedded finance with Strategic Partner platforms.
“WebBank is pleased to have a strategic alliance with American Express that broadens the product offerings that we’re able to make available through our strategic partner platforms,” said Jason Lloyd, President & CEO of WebBank. “It’s a great example of two industry leading organisations creating value for and through the broader fintech community.”
“Integrating WebBank into the American Express ecosystem is another step toward empowering fintechs to offer payment innovations on the Amex network,” said William Stredwick, Senior Vice President and General Manager, Global Network Services North America, American Express. “We look forward to working closely with WebBank to continue expanding the reach of the brand and bringing new benefits to fintechs and consumers.”
WebBank plans to begin issuing Amex cards through FinTechs later this year.
Recently, IBS Intelligence reported that WebBank announced it had committed to invest up to $250 million in the obligations of a securitisation structure sponsored by Avant secured by credit card receivables. The investment will meet the continuing demand and growth of the Avant MasterCard Credit Card issued by WebBank.
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