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Payoff and Alliant Credit Union Partner to Help Americans Eliminate High-Interest Credit Card Debt

COSTA MESA, Calif.--(BUSINESS WIRE)--

Payoff, the leading financial wellness company innovating at the intersection of psychology and finance, has partnered with Chicago-based Alliant Credit Union, one of the nation’s leading consumer financial institutions, to help consumers eliminate high-interest rate credit card debt with the Payoff Loan program.

The partnership will offer a digital-first consumer experience to borrowers who want to improve their financial well-being; consumers will receive a personal loan to pay off their high-rate credit card debt, enabling consumers to eliminate their debts more quickly. Payoff’s digital platform is unique in that it focuses on the intersection of consumer spending and consumer psychology. The integration of Payoff’s innovative digital platform along with Alliant’s experience in consumer lending should deliver a consistent and lasting impact to consumers’ financial health.

It’s the first arrangement between a credit union and a financial services platform that focuses on offering borrowers a clearly defined path to financial health. Alliant was particularly interested because of its different approach to do more for its members and their finances.

“Payoff’s approach and vision immediately stood out to us,” said Alliant CEO and President, Dave Mooney. “Payoff’s integration of science, psychology and technology is a different approach to other FinTechs in the marketplace, and it was clear that Payoff’s approach and platform outperforms competitors. We also saw considerable alignment in both companies’ commitment to improving consumers’ financial well-being.”

For Payoff, Alliant brings an ideal source of long-term, stable and aligned capital to support Payoff’s mission of helping its members eliminate high-interest rate credit card debt.

“We are excited to partner with Alliant to help Americans achieve financial wellness. Our focus on consumer financial empowerment defines Payoff and we have found a shared philosophy with Alliant,” said Payoff founder and CEO, Scott Saunders. “We’re inventing a future where we help our members transition from paying interest to earning interest, and Alliant’s partnership will provide an ideal source of long-term, stable, and aligned capital to bolster our mission.”

Payoff has raised more than $600 million in combined equity and debt capital since inception.

About Payoff

Founded in 2009, Payoff, Inc. combines money and psychology to build experiences to help people live happier lives. Payoff investors include leading digitally-native financial technology investment firm Anthemis Group, Chinese internet company Tencent, Mohamed El-Erian, former PIMCO chief executive, and Joe Saunders, former Visa chief executive. For more information, please visit: www.payoff.com.

About Alliant

Alliant is a not-for-profit financial cooperative with over 345,000 members and over $9.8 billion in assets. Headquartered in Chicago and founded in 1935, Alliant is one of the largest credit unions in the United States. As a member-owned financial cooperative, Alliant’s mission is to foster its members’ financial well-being and serve their best interests. Learn more about Alliant at www.alliantcreditunion.org.

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