Elevate Offers Prime-like Credit Card to Non-prime Consumers
Last week, Elevate (NYSE: ELVT) launched the Today Card, a credit card for non-prime consumers with features typically included only on cards for prime users. Some of the features for the new card include credit lines up to $3,500, a mobile app where consumers can check their balance, pay their bills, zero liability fraud protection, fraud alerts, and a credit score monitor that allows consumers to view their credit score and monthly credit reports. Elevate’s Today Card is being issued by the Capital Community Bank of Utah and powered by Mastercard.
“We’ve found that non-prime consumers lacked credit card options that provide ease of use and functionality,” Jason Goldberg, Today Card General Manager, told deBanked. “We saw a need to bring a product with a prime customer experience, features, and benefits, coupled with larger credit lines to this segment. Our experience in underwriting, product design, and marketing to non-Prime consumers allowed us to thoughtfully and quickly bring this product to market in partnership with Capital Community Bank of Utah and Mastercard.”
This partnership of a fintech company with a community bank and a credit card payment network is part of a growing trend which was the central topic of a PwC study published last year. The report found that 82% of large participants in the banking industry expect to increase partnerships with fintech companies over the next three to five years.
“We are proud to be partnering with Capital Community Bank of Utah and Mastercard for this new product as we believe fintech and bank partnerships are the way of the future and important for fintech’s long-term success,” said Ken Rees, CEO of Elevate.
Elevate’s focus is to provide non-prime consumers with greater access to credit. One of the company’s more popular products is RISE, led by Tony Leopold, which provides unsecured installment loans and lines of credit to consumers with low credit who are often turned away by traditional credit providers. Elastic is another popular product under the Elevate umbrella that is designed for unexpected expenses. Elastic is a bank line of credit that makes it easy to access money as soon as the following business day.
Elevate went public on the New York Stock Exchange in April of last year. The company was founded in 2014 and is headquartered in Fort Worth, Texas, with offices in Dallas and San Diego in the US and in London and Bury St. Edmunds in the UK. The company employs 650 people worldwide.
Last modified: July 25, 2018
Todd Stone is a reporter for deBanked.