Synapse and Glance Capital join forces to democratize access to credit | Nation/World
SAN FRANCISCO–(BUSINESS WIRE)–October 24, 2022–
Synapse Financial Technologies Inc., a banking-as-a-service (BaaS) platform that improves access to best-in-class financial products, today announced a partnership with Glance Capital to power a suite of credit and deposit for Glance Capital clients.
Glance, which offers simple, straightforward loans to construction workers, saw an opportunity to improve traditional banks’ rigid lending criteria for people with little or no credit, multiple part-time jobs and varying incomes. This segment of workers earned over $1.4 trillion in 2019 and is expected to reach $2 trillion by 2025.
To realize its vision of disrupting predatory payday lending in the form of revolving lines of credit and neo-banking services, Glance needed a banking-as-a-service platform with deep knowledge of the credit industry, a full suite of deposit and card services, and compliance and know-your-customer (KYC) services aligned with their inclusiveness model.
“We wanted a platform that gave us the ability to customize our products to meet the unique needs of our clients,” said Brad Stuit, CEO of Glance Capital. “We also wanted a partner who aligned with our mission to support banking services designed for borrowers. Synapse was there to help us get to market faster and ensure we were compliant with state and federal regulations. Since Launching with Synapse on September 1, 2022, Glance received over 6,000 new apps and loaned over $250,000 to customers across the United States.
Synapse’s technology platform powers customizable deposit, credit, and crypto solutions, including one-time loans and expense cards, reliably delivering integrated financial solutions that scale with their customers.
“Glance and Synapse have a common vision,” said Sankaet Pathak, CEO of Synapse. “We both want everyone to have access to best-in-class financial products. To fulfill this mission, Synapse has a wide range of financial products, including credit, debit and crypto, and our open APIs make it easy to develop and launch innovative financial services in weeks, not months or years. years.
Synapse was founded in 2014 with a mission to ensure that everyone around the world has access to best-in-class financial products, regardless of their net worth. Synapse’s banking platform as a service provides payment, card issuance, deposit, lending, compliance, credit and investment products as APIs to over 15 million end users. It has an annualized trading volume of $67 billion and $11 billion in assets under management on its platform. With white-label APIs for developers and bank-facing APIs for institutions to automate their back-end operations, Synapse customers can quickly build, launch, and scale innovative financial products and services. The company is backed by over $50 million in funding from top venture capital firms, such as Andreessen Horowitz, 500 Startups and Trinity Ventures, and was recently ranked #92 in Financial Services on the 2022 Inc. list of the 5000 fastest growing companies. Synapse Financial Technologies, Inc. is not a bank. Deposit, banking and card services are provided by partner banks of Synapse Financial Technologies, Inc., Member FDIC. Credit services are provided by Synapse Credit LLC, a US lender licensed in designated states. Global cash management services provided by Synapse Brokerage LLC, a registered broker and member of FINRA and SIPC. Crypto services are provided by Wyre Payments, Inc., an American money services company. Synapse Brokerage LLC does not offer crypto services and no cryptocurrency may be held in an account established through Synapse Brokerage, LLC. Cryptocurrencies are not stocks, and your cryptocurrency investments are not protected by the FDIC or SIPC.
For more information, visit synapsefi.com.
About Regard Capital
Glance Capital was founded in 2020 with a vision to disrupt the predatory payday loan industry that over 100 million Americans rely on for their basic financial needs. Instead of relying solely on credit score, Glance uses over 100 data points to instantly approve customers for long-term revolving lines of credit instead of high-interest short-term loans.
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CONTACT: For Synapse Financial Technologies, Inc.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
SECTOR KEYWORD: BANKING PERSONAL FINANCE PROFESSIONAL SERVICES FINANCE
SOURCE: Synapse Financial Technologies Inc.
Copyright BusinessWire 2022.
PUBLISHED: 10/24/2022 11:31 a.m. / DISK: 10/24/2022 11:32 a.m.
Copyright BusinessWire 2022.