Santa Monica, California--(Newsfile Corp. - January 23, 2024) - Grow Credit, the financial inclusion platform behind the Grow API and its innovative payment, retention, and turndown product suites, announces an expanded banking relationship with Wells Fargo to receive depository and treasury services across operations, from collection and disbursement accounts to fund transfers.
Grow Credit Expands Banking Relationship with Wells Fargo
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The announcement comes on the heels of Grow recently announcing its Series A round led by USAA and launching its innovating API, enabling fintechs and financial institutions to extend a financial inclusion product to consumers that leverages subscriptions and cell phone payments to build credit with a selection of free, secured and unsecured memberships.
Joe Bayen, CEO at Grow Credit, states, "We are actively scaling our business operations and needed to work with a robust financial institution that could support our growth. We've had a long-standing relationship with Wells Fargo. However, we did not realize they were nimble enough to support a fast-scaling startup. We were pleasantly surprised by their responsiveness and the speed of their onboarding process."
Grow Credit's need for scalability was further highlighted by its recent integration announcement with Beem, a startup counting over two million users, and other fast-rising startups, including leading debit card for gamers Ugami and AI credit care app Dovly.
Dave Stolpe, Wells Fargo Southern California Tech Banking Leader, added, "Financial inclusion is an important area of focus at Wells Fargo. Grow Credit has been a financial inclusion pioneer over the past five years, helping democratize access to credit for minorities, underserved, and low-income communities nationwide. We are excited to support their efforts by deploying the banking and treasury services they need to scale their financial inclusion operations further."
Grow's award-winning platform, previously featured in the coveted Forbes Fintech 50, is poised to make additional major announcements throughout 2024 as more financial institutions, insurance carriers, fintechs, and subscription businesses rapidly embrace Grow API's innovative payment, retention, and turndown solutions.
About Grow Credit
Grow Credit's innovative credit-building service lowers the barrier of entry for millions of Americans who need to establish and build credit. Combining a small-dollar loan with a virtual debit Mastercard, the service manages subscription payments, such as Netflix, and reports loan balances to the credit bureaus. The Mastercard is issued through Sutton Bank and is exclusively designed to pay subscription payments and cell phone bills. Grow Credit is based in Santa Monica and was founded in 2018 by financial industry veterans. The company is also proud to be recognized as one of the top 30 fintech apps on the App Store. For more information, visit GrowCredit.com.
About Wells Fargo Technology Banking
As part of Wells Fargo Commercial Banking, our specialized Technology Banking Group delivers a complete range of capital, advisory, risk management, and operating solutions tailored to scale through all stages of a company's life cycle. The group supports a growing portfolio of clients in the fintech, software, hardware, internet and digital, and sustainable technology sectors across the U.S. The depth and breadth of industry knowledge and experience allows the specialized group to provide strategic and balanced guidance in addition to operational and capital support. To learn more, please visit Technology – Wells Fargo Commercial.
MEDIA CONTACT
Contact Person: Kat Schoberle
Company: Grow Credit
Email: Press@growcredit.com
Website: https://growapi.growcredit.com/
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