Synctera and LoanPro have announced a strategic partnership aimed at enabling companies to launch banking and credit products tailored to their customers’ needs. The collaboration combines Synctera’s comprehensive banking and payments platform with LoanPro’s advanced lending and credit technology, as detailed in a blog post by Synctera’s Chief Product and Technology Officer, Ellen Linardi.
This integration allows for a seamless user experience, providing businesses with a unified platform for both deposit and credit products. By leveraging LoanPro’s scalable credit underwriting and loan servicing capabilities, companies can utilize a single set of application programming interfaces (APIs) to create customized banking and credit solutions. The platform also consolidates end-user data into a single ledger, facilitating efficient management of compliance and operational workflows from the Synctera Console.
Innovative Features and Future Potential
The partnership is set to enhance the offerings of financial institutions and FinTech companies by enabling them to introduce credit card products that include flexible spend controls, varied fees, per-category interest rates, and personalized user experiences. Linardi emphasized that this initiative represents a significant step forward in financial innovation, stating, “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 benefits of their collaboration, noting that their credit infrastructure provides both flexibility and robust compliance. He remarked, “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.”
Recent Developments and Future Growth
In March 2023, Synctera secured $15 million in new funding, indicating strong investor confidence in its growth trajectory. The company aims to use this financing to enhance its capabilities and meet the increasingly complex demands of its clientele. Peter Hazlehurst, Synctera’s Co-Founder and CEO, expressed optimism about the funding, stating, “This is a vote of confidence that enables us to continue to drive scalable growth and excellence for our customers and community of banks.”
As the financial landscape continues to evolve, the partnership between Synctera and LoanPro positions both companies to play a pivotal role in shaping the future of banking and credit products.
