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white label credit products – TechCrunch

 


When Sankaet Pathak co-founded Synapse in 2014 he had a vision to do more than just build a platform that makes it easy for banks and fintech companies to develop financial services.

He wanted to build a business that helped provide better access financial services to more people, regardless of their net worth or country of origin.

Over the years, San Francisco-based Synapse has steadily developed its repository, its product that aims to enable fintech companies to launch and scale core financial products faster and more easily. their clients. Synapses’ Banking as a Service platform provides payment, card issuance, deposit, loan, compliance, credit and investing products as APIs. Through these white-label APIs for developers and banks, Synapse aims to make it easier for businesses to connect with banks and, in turn, for banks to automate and extend their back-end operations. And this line of businessis fine. Last year, for example, Synapse doubled its revenue, and this year, so far, it’s grown by 150%.

Today, the company goes further and announces a new platform – its Credit center, a comprehensive API platform designed to give financial technology companies and neobanks a way to make credit products easier and smarter for ordinary Americans. The platform is designed to enable any business to build white label credit products including card issuance, credit creation tools, loan accounts and cash back in as little as six weeks. .

Or, as Pathak says, we want to democratize credit, so that invisible credit can create and access credit.

In private beta so far, the company’s Credit Hub has so far facilitated the issuance of a millioncredit accounts, and the platform has granted over $ 40 million in credit.

Synapse launches its Credit Hub by leveraging Masterard network. With the Synapse Credit Hub platform, businesses can offer a full suite of products, including card issuance, credit creation tools, accounts and cash back, Pathak said.

We realized that no good solution existed for the credit market. Companies should fragment it together, Pathak said. It takes a year or 18 months to bring the products to market, at a minimum. So we were picking up the same speed that we brought to the deposit space for the credit space so that developers can democratize credit for ordinary Americans and hopefully in the future the world. .

Synapse was founded in 2014 by Bryan Keltner and Pathak, who came to study in the United States from India but became frustrated with the difficulty of opening a bank account without a Social Security history in the United States. Specifically, as a graduate student in astrophysics at the University of Tennessee, Pathak was denied a bank account he requested alongside an American colleague.

Even today, Pathak says he – as CEO and co-founder of a company that in 2019 raised more than $ 33 million in Series B funding round led by Andreessen Horowitz (a16z) considered himself one of the invisible credit.

Pretty much the American dream is basically to have a house. But if you are a person with invisible credit, you cannot get a house. I couldn’t get a house in America – and I did well – because I’m an immigrant, he said.

But of course, the underbanked don’t just include immigrants. It also includes minorities and other populations who have been caught in a cycle of not accessing certain banking services, including credit. He said the goal is for peoplelittle or no financial expertise can bring financial services to market. This is not the case with other vendors who need more expertise to market their products and services, he said.

The Synapse Credit Hub, he said, specifically supports a new category of flexible and personalized accounts, cash advances and lines of credit for businesses, and increases access to credit creation services and borrowing for end users. The platform also gives businesses the ability to go to market in as little as six weeks with out-of-the-box access to multiple banking partnerships; a full suite of KYC and card issuance features; and a full stack of payment tools, including ACH, checks, wire transfers, bill payment, and card processing.

Until now, no one could provide a complete solution for the developer to launch a feature-rich credit product in just a matter of weeks, Pathak said. We created Synapse to democratize and drive innovation in fintech, and our lending center works alongside our deposit products to deliver a full digital banking experience.

The different types of credit accounts that can be created using Credit Hub offer different services, such as credit card, spending card, buy now, pay later, and the ability to issue one-off loans. or renewable to allow customers to accumulate credit.

Synapse shares Mastercard’s commitment to delivering and delivering a frictionless, easy-to-access, always-on payment experience, ”wrote Sherri Haymond, Executive Vice President of Digital Partnerships at Mastercard via Email. “With its Credit Hub platform, Synapse enables partners to accelerate the launch of credit products, allowing new solutions to be brought to market in weeks instead of months. We are delighted that Synapse is leveraging the Mastercard network to make credit products more accessible.

Sources

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2/ https://techcrunch.com/2021/08/04/synapse-mastercard-credit-hub/

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