Synctera and LoanPro have officially announced a partnership aimed at enabling companies to launch banking and credit products with greater efficiency and customizability. This collaboration combines the strengths of Synctera’s banking and payments platform with LoanPro’s lending and credit technology, as detailed by Synctera’s Chief Product and Technology Officer, Ellen Linardi, in a blog post dated September 3, 2023.
Through this integration, the companies aim to create a comprehensive platform that allows businesses to offer both deposit and credit products seamlessly. The new solution leverages LoanPro’s scalable credit underwriting and loan servicing technology, providing companies with a single set of application programming interfaces (APIs). This functionality is designed to unify end-user data across both types of products into a single ledger, simplifying compliance and operational workflows via the Synctera Console.
Enhanced Product Offerings and User Experience
The partnership promises to enhance the user experience by enabling companies to offer credit card products with features such as flexible spending controls, diverse fee structures, per-category interest rates, and tailored rewards programs. Linardi emphasized the importance of innovation in financial products beyond traditional deposit and debit options. She stated, “Financial innovation doesn’t stop at deposit and debit products. With the launch of the Synctera Credit Card, we are excited to continue powering even more of the future of finance with the infrastructure and tools built for modern FinTech and embedded finance products.”
LoanPro’s CEO and Co-Founder, Rhett Roberts, highlighted the advantages of their credit infrastructure, which prioritizes flexibility and compliance. “By partnering with Synctera, which brings deep regulatory expertise, we’re delivering a platform that allows FinTech, payments, and banking companies to launch innovative credit products quickly, to suit their customers’ unique needs, while maintaining the highest standards of oversight and security,” Roberts explained.
This partnership arrives in the context of significant growth for Synctera. In March 2023, the company secured $15 million in funding to bolster its expansion efforts and enhance its capacity to meet complex customer needs. Peter Hazlehurst, Synctera’s Co-Founder and CEO, described the funding as a “vote of confidence” that supports their commitment to driving scalable growth and excellence for their banking partners.
As the financial landscape continues to evolve, the collaboration between Synctera and LoanPro represents a strategic move towards providing more agile and customer-centric banking solutions. This partnership not only aims to simplify the process of launching financial products but also seeks to empower businesses to meet the diverse demands of their clientele in an increasingly competitive market.
