Releases innovative Pay with Grow and Grow-to-Go Products
Santa Monica, California--(Newsfile Corp. - October 18, 2023) - Grow Credit, a prominent player in financial technology and a 2022 Forbes Fintech 50 Financial Inclusion Platform, is excited to unveil a game-changing Credit-Building-as-a-Service solution tailored for financial institutions. This innovative platform offers a versatile white-labeled API, presenting two distinct products designed to empower banks, insurance carriers, fintech firms, and subscription-based businesses.
With rising interest rates affecting all Americans, leading to higher car and mortgage payments as well as increased insurance premiums, the financial challenges faced by many have become evident. This disproportionately impacts the less financially savvy and economically disadvantaged members of society, making financial wisdom increasingly crucial.
Introducing Grow Credit's flagship, Grow-to-Go, aiding financial institutions in elevating subprime consumers to prime status. Impressively, 28%* of Grow Credit users reach prime status in just 12 months, offering banks and Fintechs an inclusive financial product opportunity.
The Grow API, as seen in Grow-to-Go, empowers institutions to seamlessly integrate it as a white-label solution. Industry leaders like USAA have recognized its potential to revolutionize financial inclusivity.
Enter Pay with Grow, transforming subscription businesses. This tool effortlessly adds a credit builder payment option at checkout, enhancing customer value and promoting financial well-being. It enables subscribers to boost credit while enjoying their plans, driving higher retention for businesses.
In today's financial landscape, Grow's innovations are vital for individuals and businesses to thrive.
Grow Credit's solutions come at a critical juncture when rising interest rates pose financial burdens for all Americans. Their commitment to financial inclusion is vital, especially for those most affected by these challenges in the United States.
Key Features and Benefits:
Instant Boost to Retention: Grow Credit's award-winning credit builder solution seamlessly integrates with financial institutions' websites and apps, instantly enhancing customer retention.
Transform Users into Prime Customers: With nearly one-third of Grow Credit users achieving prime FICO status within a year, financial institutions can witness their customers evolve into highly valuable users through the Grow API.
Customizable for Seamless User Experience: The platform is fully customizable, allowing financial institutions to tailor it to their brand and customer preferences, ensuring a seamless and engaging user experience.
Freedom to Build Credit: From free memberships to secured options, Grow Credit's products empower customers to build credit regardless of their financial situation. Users can choose from a range of options, including Build Free, Grow, and Accelerate, giving them the flexibility they need to take control of their financial future.
Grow Credit's Credit-Building-as-a-Service solution is poised to revolutionize the financial industry, fostering financial inclusion and empowering individuals to improve their credit scores while financial institutions benefit from loyal and prime-status customers.
"We are thrilled to introduce this transformative solution to financial institutions worldwide," said Joe Bayen, CEO of Grow Credit. "Our mission is to make credit-building accessible to all, and with the Grow API, we are taking a significant step towards achieving that goal. We believe this will be a game-changer for financial institutions with Grow-to-Go, enabling them to nurture their turndowns before graduating them to their respective financial products. On the other hand, Pay-with-Grow, a first-of-its-kind financial product, enables subscription model businesses to offer a financial health tool to consumers as a payment method at checkout, optimizing businesses' premium uptake and retention rates.
For more information about Grow Credit's Credit-Building-as-a-Service solution and to explore how it can benefit an institution, please visit https://growapi.growcredit.com/.
*Data is based on 33,916 active on-time users' monthly FICO scores, cohorted and anonymized through March 2023. Excludes accounts past due or suspended at the time of the analysis. Individual results will vary.
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 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. 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.
Contact Person: Nick Roberts
Company: Grow Credit
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