Powered by Green Dot, Credibly will add
business checking to its growing suite of products and services
designed to serve and empower small businesses
Credibly, the data science-driven fintech lending platform that
champions small- and medium-sized businesses (SMBs), is partnering
with Green Dot (NYSE: GDOT) to expand its suite of small business
financial products to include accessible, intuitive and useful
business banking solutions. Powered by Green Dot’s
banking-as-a-service (BaaS) platform, Credibly Business Banking®
will give small business owners a more seamless banking experience
while addressing some of their greatest challenges with quick and
easy account set up, improved cash flow management, and faster
access to capital.
“The demand for seamless, accessible and intuitive financial
tools for businesses remains on the rise, and we are thrilled to
partner with Green Dot to add small business banking to complement
our lending solutions,” said Ryan Rosett, Founder and co-CEO,
Credibly. “With a business checking account, customers will have
faster and easier access to the cash, credit and capital they need
to run and grow their business.”
The U.S. continues to see a surge in new business ventures, with
five million applications to start new businesses in 2022, up 42
percent from pre-pandemic levels in 2019, according to the Census
Bureau. Yet more than three-quarters of small business owners say
they are concerned about their ability to access capital, according
to Goldman Sachs’ 10,000 Small Businesses Voices initiative, which
is no surprise given 70 percent of small business owners without a
business bank account are rejected for loans.
Green Dot and Credibly are partnering to design business bank
accounts with these challenges in mind, empowering them to more
easily access the capital they need. The new accounts will feature
online mobile banking with full customer service support, quick
account set up, no fees for eligible deposits, overdraft
protection, and a nationwide ATM network to access their money from
anywhere.
“Small businesses are a critical engine for economic growth, and
we want to give them the power to bank seamlessly, affordably and
with confidence,” said Simran Singh, Head of Enterprise Business
Development, Embedded Finance, Green Dot. “We are thrilled to
partner with Credibly to power entrepreneurs with solutions that
save them time and provide easier access to the tools and capital
they need to grow their businesses.”
Green Dot is well positioned to enable Credibly to offer small
business customers a quality business banking experience through
its scalable and configurable BaaS platform, dedicated customer
support team, and decades of experience building embedded finance
offerings for some of the world’s largest brands.
The Credibly Business Checking® offering is just one of multiple
new product launches the company has on its roadmap. As Credibly
continues to grow its product suite, the company remains focused on
further refining its data science capabilities to serve an even
broader range of SMB customers throughout the credit spectrum,
while maintaining its emphasis on risk management and a strong
culture of compliance. Providing the tools and resources SMBs need
has been Credibly’s mission since 2010 and the new business banking
offering in particular will enable them to support small business
owners who have been unable to receive lending without having an
existing business bank account.
About Credibly
Credibly, a data science-driven fintech lending platform, is
revolutionizing the delivery of capital to SMBs, enhancing speed,
cost and customer choice. Offering an array of funding options,
Credibly also provides partners access to its state-of-the-art data
science capabilities.
Since its inception in 2010, Credibly has channeled over $2.0
billion in capital to more than 30,000 SMBs, always with an
unwavering commitment to risk management and a culture of
compliance. Credibly also made history in 2017 as the first company
in its field to acquire servicing rights to another alternative
lender’s portfolio (250M). The company has achieved steady growth,
operated continuously throughout the COVID-19 pandemic, and
recorded exceptional origination numbers.
Headquartered in Southfield, Michigan, Credibly has additional
offices in New York and Arizona. For more information, please visit
www.credibly.com.
About Green Dot
Green Dot Corporation (NYSE: GDOT) is a financial technology and
bank holding company committed to giving all people the power to
bank seamlessly, affordably and with confidence. Green Dot's
technology platform enables it to build products and features that
address the most pressing financial challenges of consumers and
businesses, transforming the way they manage and move money, and
making financial empowerment more accessible for all.
Green Dot offers a broad set of financial services to consumers
and businesses, ranging from debit, prepaid and payroll cards, to
embedded financial and money movement services, to tax products and
more. The company’s banking-as-a-service (BaaS) platform enables a
growing list of the world’s largest and most trusted consumer and
technology brands to deploy seamless, configurable, value-driven
money management solutions for their customers. Its digital bank
GO2bank offers consumers simple and accessible mobile banking
designed to help improve financial health over time. And its
expansive Green Dot Network of more than 90,000 retail distribution
locations nationwide – more than all remaining bank branches in the
U.S. combined – enables it to operate primarily as a "branchless
bank."
Founded in 1999 and headquartered in Austin, Texas, Green Dot
has powered more than 33 million accounts directly, and many
millions more through its partners. Green Dot Bank is a subsidiary
of Green Dot Corporation and member of the FDIC1. For more
information about Green Dot’s products and services, please visit
www.greendot.com.
______________________
1 Green Dot Bank also operates under the following registered
trade names: GO2bank, GoBank and Bonneville Bank. All of these
registered trade names are used by, and refer to, a single
FDIC-insured bank, Green Dot Bank. Deposits under any of these
trade names are deposits with Green Dot Bank and are aggregated for
deposit insurance coverage up to the allowable limits.
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version on businesswire.com: https://www.businesswire.com/news/home/20230926711973/en/
Connor Osborn, Credibly cosborn@credibly.com (313) 516-0239
Whit Chapman, Green Dot wchapman@greendotcorp.com
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